Iraq wants massive development of oil production: report
Iraq wants massive development of its oil production in the medium term, seeking to more than double the average number of barrels per day, an oil adviser to Iraqi Prime Minister Nuri al-Maliki said in an interview.
By Agencies |
BERLIN: Iraq wants massive development of its oil production in the medium term, seeking to more than double the average number of barrels per day, an oil adviser to Iraqi Prime Minister Nuri al-Maliki said in an interview.
"We have the demand, we have the reserves, and we also now have the money to increase oil production in the medium term by an average of four million barrels per day," Thamer al-Ghadban said in the weekly to appear on Monday.
For the first time since the fall of Baghdad after the US-led invasion in 2003, Iraqi oil production has stabilised at 2.5 mn barrels per day.
Iraq has the third largest oil reserves in the world, but lacks technology and capital.
Ghadban denied that US businesses received privileges in the oil market and announced a call for public offers starting this summer "which will allow for the direct participation of foreign companies in the development of the oil fields," he told the magazine.
He added that he expected a second round of public bids would follow soon after.
"We have the demand, we have the reserves, and we also now have the money to increase oil production in the medium term by an average of four million barrels per day," Thamer al-Ghadban said in the weekly to appear on Monday.
For the first time since the fall of Baghdad after the US-led invasion in 2003, Iraqi oil production has stabilised at 2.5 mn barrels per day.
Iraq has the third largest oil reserves in the world, but lacks technology and capital.
Ghadban denied that US businesses received privileges in the oil market and announced a call for public offers starting this summer "which will allow for the direct participation of foreign companies in the development of the oil fields," he told the magazine.
He added that he expected a second round of public bids would follow soon after.
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