Iraq bullish on Fao storage, south export expansion
Before Iraq can reach its ambitious oil production and export goals, it must massively expand transmission and storage capacity. As construction begins, IOR takes a tour of the oil sector's new infrastructure.
Workers preparing part of the tanker farm at the Fao peninsula. (ALI ABU IRAQ/Iraq Oil Report)
BASRA - When the world's largest oil companies and their Iraqi counterparts fully ramp up oil output over the coming years, they will need billions of dollars' worth of new infrastructure to send crude to refineries and export outlets.
Iraq plans to increase production capacity by only 50,000 barrels per day (bpd) this year, from 2.7 million bpd now to 2.75 million bpd; but within seven years, the stated goal is to grow capacity to more than 13.5 million bpd.
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