Iraq Plans to Double Oil Output

Iraqi Oil Minister Hussein Sharistani said Iraq intends to almost double its oil production over the next two years per day from 2 million bpd to 4.5 million bpd within two years’.

He said the goal will be reached thanks to tenders for contracts for technical support, and said he is optimistic about the results of the first government tender. He said over 100 oil companies have responded to the first stage of the technical support plan, and the results of the first phase of the tender will be known during this month.

The Iraqi government is relying on its own funds to finance the technical support projects, but the companies chosen will be allowed to explore and operate new oilfields. The ministry said the oil extracted will not be shared.

The government then wants to increase production to 6 mln bpd for the coming 5-10 years, the ministry said.