Iraq prioritizes southern export expansion

BAGHDAD - For the past few years, Iraq has touted its plans to quintuple its oil production and surpass Saudi Arabia as the world’s leading supplier, despite an antiquated infrastructure that can barely support today’s modest production. Now, however, the Ministry of Oil is backing up its big talk with contracts.

This week, the ministry began accepting bids for a $500 million project that would add 1.5 million barrels per day (bpd) of export capacity. Last month, Leighton Offshore was awarded a $733 million engineering, procurement and construction (EPC) contract that would boost capacity by 1.8 million bpd.