News from ADIPEC 2012: Iraq planning to spend $150 billion to boost crude production

11/12/2012

News from ADIPEC 2012: Iraq planning to spend $150 billion to boost crude production

BY SUMMER SAID

ABU DHABI -- Iraq could spend up to $150 billion on projects to expand its crude production capacity to more than 12 MMbopd, the country's oil minister said in remarks at the ADIPEC conference.

"Iraq can reach 9 MMbopd in 2018 and I believe we can exceed 12 MMbopd, given the massive potential of our fields," Oil Minister Abdul Kareem Luaiby told the daily briefing of the Abu Dhabi International Petroleum Exhibition and Conference.

Iraq is currently producing about 3.2 to 3.25 MMbopd and could raise its output to 3.4 MMbopd by early next year, and 3.5 MMbopd by the end of 2013, Mr. Luaiby said. About 100,000 bopd will come from Majnoon oilfield, while the rest will come from Rumaila and other fields, he said.

Iraq is the only member of OPEC exempt from output quotas. It relies on crude revenue to rebuild its economy after years of war and economic sanctions. Mr. Luaiby said that he doesn't expect OPEC to discuss bringing Iraq under the quota system in the upcoming OPEC meeting in Vienna next month.

Dow Jones Newswires

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