Iraq: Future of the Oil Industry
Article from: OGEL 1 (2004), in Roundup of Articles
Iraq faces Major Challenges to sustain Oil Production Capacity at 2.8-3.0Mn B/D in 2004
Iraq is on schedule to implement plans agreed upon in mid-2003 to reach oil production capacity of 2.8mn b/d by the second quarter of 2004 and 3mn b/d by the end of the year (MEES, 28 July 2003). However, the question at hand is how to provide the necessary export facilities for this throughput and how to sustain production at these levels given the state of the industry after three wars and sanctions and the absence of an investment budget for the Ministry of Oil in 2004. 'We are now producing around 2.35mn b/d and plan to reach 2.8mn b/d in the second quarter,' Iraqi Oil Minister ...