BASRA - Iraq's second single point mooring (SPM) system went online Friday, adding another estimated 450,000 b/d of immediate export capacity as oil fields in Basra are set to drastically increase production.
"We expect production increases in in Basra from the current 2.15 million barrels per day (bpd) to 2.75 million bpd by the end of the year," said Dhia Jaffar, director general of the state-run South Oil Company, at a press conference Friday.
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