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Page added on June 12, 2013
Iraq to Increase Production in 2014
Iraq will ramp up oil production to 4.5 million barrels per day by year-end in 2014, an increase of about 1.6 million that the country currently produces, an Iraqi senior official announced, reported the Associated Press.
Under the country’s strategy to boost production, Iraq is bearing in mind three scenarios for increasing production, with the “medium scenario seeing the country reach 9 million barrels per day (bopd) by the end of 2020; or the high scenario of boosting production to 13 million bopd, with the low scenario reaching a peak of 6 million bopd,” stated Chairman of the Prime Minister’s Advisory Commission on Energy Thamir Ghadhban.
Ghadhban was discussing the country’s plans at a ceremony in Baghdad, reported the Associated Press.
Around $620 billion needs to be invested in its oil and gas and related industries through 2030, Iraq’s Integrated National Energy Strategy reported. The report also forecasts that by 2022 all domestic energy requirements could be met, and that by diversifying the country’s economy, an additional 10 million jobs could be added.
“The strategic goals of the plan are to meet local energy needs, maximize government revenues, encourage economic diversification and improve the standard of living and create jobs,” said Ghadhban, Reuters reported.
This strategy will be discussed at the formal Iraq Petroleum Conference, which is taking place next week. H.E. Dr. Rowsch N Shaways, Deputy Prime Minister of Iraq and H.E. Thamir Ghadhban, Chairman of the Advisory Commission to the Prime Minister, will meet to outline the goals and objectives of the strategy over the next 10 years.
2 Comments on "Iraq to Increase Production in 2014"
Dragon Spawn on Thu, 13th Jun 2013 5:53 am
Ho
ronpatterson on Thu, 13th Jun 2013 12:03 pm
Iraqi oil production has been flat for 10 months now. In fact they produced less oil in May than they did last August. Since their original plan was to be producing 12 million barrels per day in this decade, almost everyone expected their production to be soaring by now. But that hasn’t happened. Now they are saying one of their plans is to increase production only to 6 million barrels per day.
What they said would happen did not and will not happen. Now they are trying to save face by saying: “Well we had other plans also.”
Iraq, in May, produced 3.123 mb/d, 70,000 barrels below their most recent peak in September. With great effort, and lots of investment by foreign oil companies, they might get production to 4 mb/d but not much above that.
Leonardo Maugeri, of the Harvard Kennedy School, has Iraq producing 7.6 mb/d by 2020. They will be way short of that figure then.