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.