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Iraq's daily oil output exceeds 2.6m barrels
By Sinan Salaheddin |
December 28, 2010, Tuesday
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Print Edition
Print Edition
IRAQ'S newly appointed oil minister yesterday said the country's daily oil production has risen by about 100,000 barrels a day, exceeding 2.6 million barrels per day for the first time in 20 years.
Abdul-Karim Elaibi said Iraq's production of crude will continue to rise and will reach its planned, higher targets "sooner than expected."
"Today, our production exceeded 2.6 million barrels a day," Elaibi said at a ceremony to formally put him in charge of Iraq's oil ministry after the country's new government was sworn in last week.
"We haven't reached this figure since 20 years ago," Elaibi said.
Last week, he also reported an increase by 100,000 barrels a day to 2.5 million barrels a day, saying it was a significant jump in a long while.
Iraq has awarded 15 oil and gas deals since 2008 to international firms in the first major investment drive in more than three decades aimed at strengthening the country's battered energy industry.
The nation plans to raise its daily output to about 12 million barrels by 2017.
The increase in production is vital to bringing the war-torn country the sorely needed cash for reconstruction. Oil revenues make up nearly 95 percent of Iraq's budget.
Falah al-Amiri, the head of the State Oil Marketing Organization, SOMO, said the country's oil exports will be raised starting next month. They will pass 2 million barrels a day from the nearly 1.9 million barrels a day, according to al-Amiri.
Abdul-Karim Elaibi said Iraq's production of crude will continue to rise and will reach its planned, higher targets "sooner than expected."
"Today, our production exceeded 2.6 million barrels a day," Elaibi said at a ceremony to formally put him in charge of Iraq's oil ministry after the country's new government was sworn in last week.
"We haven't reached this figure since 20 years ago," Elaibi said.
Last week, he also reported an increase by 100,000 barrels a day to 2.5 million barrels a day, saying it was a significant jump in a long while.
Iraq has awarded 15 oil and gas deals since 2008 to international firms in the first major investment drive in more than three decades aimed at strengthening the country's battered energy industry.
The nation plans to raise its daily output to about 12 million barrels by 2017.
The increase in production is vital to bringing the war-torn country the sorely needed cash for reconstruction. Oil revenues make up nearly 95 percent of Iraq's budget.
Falah al-Amiri, the head of the State Oil Marketing Organization, SOMO, said the country's oil exports will be raised starting next month. They will pass 2 million barrels a day from the nearly 1.9 million barrels a day, according to al-Amiri.
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