Energy Production: Iraq allocates $173b for infrastructure

AlLuaybi says investment in upstream activitiesand natural gas will boost oil production to 9 million barrels a day.

BASRA: Iraq’s Oil Minister Abdelkarim alLuaybi said on Saturday that Iraq plans to invest $173 billion in its energy infrastructure over the next five years in order to dramatically ramp up crude output.

Speaking at a conference in the port city of Basra, alLuaybi said that the investment in upstream activities, refineries and natural gas production will boost oil production to 9 million barrels per day (bpd) and bring in revenues of $600 billion.

According to oil ministry spokesman Assem Jihad, Iraq currently produces around 3.15 million bpd, of which around 2.5 million bpd is exported.

The country has proven reserves of 143.1 billion barrels, among the highest in the world.

In recent years, Iraq has sought to sign contracts with international energy firms in order to boost output sharply and cement its role as a key global oil supplier.

Published in The Express Tribune, March 17^th, 2013.

Like Business on Facebook to stay informed and join in the conversation.