Wednesday, 10 October 2012 14:43
BAGHDAD: Iraq is aiming to produce 5-6 million barrels of oil per day (bpd) by 2015, with a view to reaching a target of 9-10 million bpd by 2020, a level that could be sustained for 20 years, the Deputy Prime Minister for Energy said on Wednesday.
Iraq's oil production, which stagnated for years due to wars and sanctions, started to rise in earnest in 2010, after Baghdad secured service contracts with companies such as BP Plc, Exxon Mobil, Eni and Royal Dutch Shell .
Current production is at 3.4 million bpd, Hussain al-Shahristani said, the highest in at least three decades.
"The conclusion of our studies show that it's feasible and desirable for Iraq to achieve a production of 9-10 million bpd by 2020," Shahristani said at a briefing to mark the release of the International Energy Agency's (IEA) Iraq Energy Outlook.
"Iraq can sustain that production for 20 years."
"While I'm talking to ...