IOCs and ministries air concerns in long haul to 12.5 M bpd
Progress but no solutions to potential obstacles, as global oil companies contracted to dramatically increase oil production meet in closed-door symposium with Iraqi oil and other ministries.
American, BP and Russian officals at the Iraqi oil ministry's investment symposium in Baghdad. (AHMAD AL-RUBAYE/AFP/Getty Images)
BAGHDAD - Increasing any country’s production capacity from 2.5 million barrels per day (bpd) to 12.5 million bpd is a monumental task – and international oil companies are concerned that Iraq’s bureaucracy isn’t up to the challenge.
At a two-day symposium on Iraq’s oil expansion, BP and Shell presented papers on behalf of 16 oil companies that recently signed 11 massive development contracts, outlining current and future roadblocks put in their way by Iraq's government. Iraq’s top oil contract negotiator, Abdul Mahdi al-Ameedi, said that session was the most important of the conference.
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