Iraq plans to reach 5mn bpd oil output capacity before year-end

BAGHDAD: Iraq plans to increase its oil output capacity to 5 million barrels per day before the end of the year, Oil Minister Jabar al-Luaibi said on Sunday.

Iraq will proceed in parallel with exploration plans to increase its reserves by 15 billion barrels in 2018, to reach 178 billion barrels, Luaibi told an energy conference in Baghdad.

Among the plans to increase output capacity from existing fields is a sea water injection plan which is in process of being tendered, he said.