ANL 36.55 Increased By ▲ 0.90 (2.52%)
ASC 14.80 No Change ▼ 0.00 (0%)
ASL 26.10 Increased By ▲ 1.25 (5.03%)
AVN 90.90 Decreased By ▼ -0.35 (-0.38%)
BOP 7.80 Increased By ▲ 0.01 (0.13%)
BYCO 10.21 Increased By ▲ 0.06 (0.59%)
DGKC 125.20 Increased By ▲ 0.95 (0.76%)
EPCL 57.50 Increased By ▲ 1.00 (1.77%)
FCCL 24.35 Increased By ▲ 0.19 (0.79%)
FFBL 28.80 No Change ▼ 0.00 (0%)
FFL 16.05 Decreased By ▼ -0.05 (-0.31%)
HASCOL 9.79 Increased By ▲ 0.07 (0.72%)
HUBC 79.00 Decreased By ▼ -0.25 (-0.32%)
HUMNL 6.77 Increased By ▲ 0.14 (2.11%)
JSCL 21.81 Increased By ▲ 1.11 (5.36%)
KAPCO 40.10 Decreased By ▼ -0.15 (-0.37%)
KEL 3.83 Increased By ▲ 0.02 (0.52%)
LOTCHEM 16.61 Increased By ▲ 0.41 (2.53%)
MLCF 47.15 Increased By ▲ 0.66 (1.42%)
PAEL 35.23 Decreased By ▼ -0.01 (-0.03%)
PIBTL 10.35 No Change ▼ 0.00 (0%)
POWER 9.25 Increased By ▲ 0.08 (0.87%)
PPL 86.02 Increased By ▲ 0.67 (0.79%)
PRL 25.32 Increased By ▲ 0.32 (1.28%)
PTC 10.01 Increased By ▲ 0.29 (2.98%)
SILK 1.24 No Change ▼ 0.00 (0%)
SNGP 42.05 Increased By ▲ 1.55 (3.83%)
TRG 164.75 Increased By ▲ 1.85 (1.14%)
UNITY 30.76 Decreased By ▼ -0.29 (-0.93%)
WTL 1.48 Increased By ▲ 0.06 (4.23%)
BR100 4,873 Increased By ▲ 37.38 (0.77%)
BR30 25,848 Increased By ▲ 213 (0.83%)
KSE100 45,311 Increased By ▲ 262.65 (0.58%)
KSE30 18,544 Increased By ▲ 107.94 (0.59%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,754
13524hr
Pakistan Cases
734,423
468124hr
Sindh
269,840
Punjab
255,571
Balochistan
20,499
Islamabad
67,491
KPK
101,045
Markets

Iraq starts 37,000 bpd output at al-Ahdab

AL-AHDAB OILFIELD: Iraq started production on Saturday in the first phase of its CNPC-operated al-Ahdab oilfield at 37
23 Jul 2011

oil_copyAL-AHDAB OILFIELD: Iraq started production on Saturday in the first phase of its CNPC-operated al-Ahdab oilfield at 37,000 barrels per day, the country's oil minister said.

Al-Ahdab was the first major oilfield development contract awarded by the Iraqi government after the 2003 US-led invasion, reviving a Saddam Hussein-era deal with China National Petroleum Corp (CNPC) in southern Wasit province.

"Today we started production with a capacity of 37,000 bpd and we will reach 60,000 bpd in the first half of August," Abdul-Kareem Luaibi said at a launch ceremony.

Luaibi said the second phase of al-Ahdab would start in December and would take the field's output capacity to 120,000 bpd, while the third would start at the end of 2012 and increase expected capacity to 160,000 bpd.

State-owned CNPC operates in more than 80 oil and gas projects in nearly 30 countries. It completed construction of the first phase of the al-Ahdab oilfield on June 21 and is also developing Iraq's Rumaila oilfield with BP Plc and Halfaya oilfield with France's Total SA and Malaysia's Petronas.

Deputy Prime Minister Hussain al-Shahristani said Iraq was studying a proposal from CNPC to production at al-Ahdab to 200,000 bpd.

"We will base our response to this proposal on the needs of Iraq and the global markets," Shahristani told reporters at the field.

Luaibi said a recent exploratory survey showed al-Ahdab had reserves of 3 billion barrels and revenue from the field was expected to be more than $40 billion during the next 20 years.

Iraq, which relies on oil for 95 percent of its revenues, has signed a series of oil contracts with international companies to try to boost output capacity to 12 million bpd by 2017 from around 2.7 million bpd currently.

 

Copyright Reuters, 2011