| Iraq to triple oil output to 7 mln bpd in six years - minister |
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12/10/2009 15:30 (852 Day 23:31 minutes ago) | |||||
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The FINANCIAL -- According to RIA Novosti, oil output at Iraq's three giant oil fields will be tripled in the next six years to 7 million barrels per day, Iraqi Oil Minister Hussein al-Shahristani said on October 12.
The minister said that foreign companies' investment in the West Qurna, az-Zubair and Rumeila fields would bring $100 billion to Iraq while productivity at the three deposits would increase to 7 million barrels compared with the country's current total output of 2.4 million barrels per day.
Al-Shahristani said the Iraqi Oil Ministry was considering proposals from Russia's largest independent oil producer LUKOIL and Exxon Mobil on the development of the West Qurna deposit, with a decision on the issue expected soon.
Direct talks between LUKOIL and the ministry on the West Qurna-1 deposit could start as early as October 14.
LUKoil CEO Vagit Alekperov said last week that output at the West Qurna-1 deposit could reach almost 1.5 million barrels per day.
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