Iraq upbeat on uphill road to record oil boom

Iraqi officials tout increased oil output gains, confident slowed key projects will be completed on time.
Iraq upbeat on uphill road to record oil boom
A worker of Iraq's state-run South Oil Company walks past a crude processing facility at the Bin Umar field, Oct. 3, 2011. (ATEF HASSAN/Reuters)

ISTANBUL - Key Iraqi oil officials are adamant the country will overcome a slew of challenges ranging from short-term infrastructure bottlenecks to longer-term uncertainties about international demand, as the country readies to set another post-Saddam Hussein oil production record.

Iraq's oil production capacity might surpass 3 million barrels per day (bpd) this month, according to Thamir Ghadhban, a two-time former oil minister since 2003 and the chairman of the advisory council to Prime Minister Nouri al-Maliki. The Rumaila, West Qurna 1 and Zubair oil fields – which in seven years will be the largest producers in the country combining for 6.875 million bpd, according to contracts with BP, Exxon Mobil and Eni of Italy – will receive at least $100 billion in investment, according to early estimates.

This content is for registered users. Please login to continue.
If you are not a registered user, you may purchase a subscription or sign up for a free trial.
Iraq Oil Report Attribution Policy

All sources quoted or referenced spoke to Iraq Oil Report directly and exclusively, unless stated otherwise. Iraq Oil Report typically grants anonymity to sources that can't speak without risking their personal safety or job security. We only publish information from anonymous sources that we independently corroborate and are important to core elements of the story. We do not provide anonymity to sources whose purpose is to further personal or political agendas.

Iraq Oil Report Commitment to Independence

Iraq Oil Report strives to provide thoroughly vetted reporting and fair-minded analysis that enables readers to understand the dynamic events of Iraq. To meet this goal, we always seek to gather first-hand information on the ground, verify facts from multiple angles, and solicit input from every stakeholder involved in a given story.

We view our independence as an integral piece of our competitive advantage. Whereas many media entities in Iraq are owned or heavily influenced by political parties, Iraq Oil Report is wholly owned by several of its employees. In a landscape that is often polarized and politicized, we are able to gather and corroborate information from an unusually wide array of sources because we can speak with all of them in good faith.

To fund this enterprise, Iraq Oil Report depends on revenue from both advertising and subscriptions. Some of our advertisers and subscribers ‐ including companies, governments, and NGOs ‐ are also subjects of our reporting. Consistent with journalistic best practices, Iraq Oil Report maintains a strict firewall that removes business considerations from editorial decision-making. When we are choosing which stories to report and how to write them, our readers always come first.