Iraq eyes huge oil capacity rise
Iraq's oil capacity could reach 12 million barrels per day (bpd) in six years, the country's oil minister says. Saudi Arabia, the world's largest oil exporter, has a capacity of 12.5m bpd.
Results of Iraq's second international oil auction since 2003 are considered a "major success". The contracts awarded over the past two days, coupled with those from the last auction in June and government efforts, would allow Iraq to boost daily production from 2.5m barrels to 12m.
If a daily total of 12m barrels was achieved, Iraq would overtake Russia and challenge Saudi Arabia for the position of the world's largest oil producer. However, Riyadh says it could produce 15 bpd.
Iraq's proven reserves now stand at 115bn barrels, below Iran's 137bn and Saudi Arabia's 264bn. But Iraq's data dates from the 1970s, before improvements in technology transformed the industry.
Iraq claims to have "scores" of oilfields, including "supergiants" - fields of 5bn barrels or more - to offer international companies in the future. Nevertheless, correspondents say the failure to attract bids for more than half of the oilfields suggests Iraq's abundance of easily extractable oil was not enough to overcome many firms' concerns about security, as well as Iraq's political and legal system.
Source: BBC online
Iraq's oil capacity could reach 12 million barrels per day (bpd) in six years, the country's oil minister says. Saudi Arabia, the world's largest oil exporter, has a capacity of 12.5m bpd.
Results of Iraq's second international oil auction since 2003 are considered a "major success". The contracts awarded over the past two days, coupled with those from the last auction in June and government efforts, would allow Iraq to boost daily production from 2.5m barrels to 12m.
If a daily total of 12m barrels was achieved, Iraq would overtake Russia and challenge Saudi Arabia for the position of the world's largest oil producer. However, Riyadh says it could produce 15 bpd.
Iraq's proven reserves now stand at 115bn barrels, below Iran's 137bn and Saudi Arabia's 264bn. But Iraq's data dates from the 1970s, before improvements in technology transformed the industry.
Iraq claims to have "scores" of oilfields, including "supergiants" - fields of 5bn barrels or more - to offer international companies in the future. Nevertheless, correspondents say the failure to attract bids for more than half of the oilfields suggests Iraq's abundance of easily extractable oil was not enough to overcome many firms' concerns about security, as well as Iraq's political and legal system.
Source: BBC online
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