MoO predicts huge increase in oil production within 20 years

Baghdad (IraqiNews.com) The Iraqi Oil Minister Abdul Karim Laebi predicted increasing Iraqi oil production to 60 million barrel per day during the next twenty years. During his speech at the oil licenses bids conference, Laebi said “According to MoO’s estimates, over implementing the oil licenses contracts, Iraq’s production of crude oil will reach (60) million barrel per day during the next 20 years and its financial returns will be $ 5 trillion,” noting that “The State’s share will reach 94% after paying the costs and profits to the implementing companies.” “Within 13 months, the bids of this round will be implemented competitively by 47 companies from 25 countries,” the Minister concluded.