Iraq strives to produce 12 million bpd of oil by 2017

BAGHDAD / IraqiNews.com: Iraq is planning to produce 12 million barrels of crude oil per day (bpd) by the year 2017, through contracts signed with the world’s largest oil and energy companies, Iraq’s Deputy Prime-Minister, in charge of Energy Affairs, Hussein al-Shahristany said on Saturday.   “Everybody knows the significance of Iraq’s oil for the whole world and its importance to build and develop the Iraqi economy, along with raising the living standards of Iraqi citizens,” Shahristany said in a speech he delivered at the 3rd Iraqi Ambassadors Conference, held in Baghdad on Saturday.   Shahristany said that Iraq had signed contracts with three leading international companies to develop its oil fields in the south, center and the north, and their activity is going on now in a good manner, with a hope that Iraq’s oil production would raise to 12 million bpd by the year 2017.   “This does not necessarily mean that Iraq would produce such a large quantity of crude oil, because the Iraqi strategy depends on boosting revenues and not only increasing oil exports alone; so we shall watch the market and the level of the quantities of crude Iraq will produce, and then we shall decide Iraq’s highest level of revenues during the forthcoming years,” Shahristany said.   SKH (TI)/SR 779