Iraq expected to increase crude production by 13 per cent

According to Iraq's oil ministry the country is expected to increase its daily crude oil production by about 13 per cent by next year.

“We expect an increase of about 300,000 barrels per day. This includes about 60,000 barrels per day from the al-Ahdab field”, said Abdul Mahdy al-Ameedi, deputy director general at Iraq's Petroleum Contracts and Licensing Directorate.

Iraq currently produces a total of about 2.4 million b/d. Al Ahdab was the first oil field development to be awarded by the Iraqi government after the US-led invasion. China National Petroleum Corp won the $3.5 billion agreement to develop Al Ahdab in November 2008. Since then, Iraq has awarded 11 other contracts to international major oil companies and has announced a third round of bidding this year to develop the country's natural-gas reserves.

Source: Bloomberg Business Week

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