Iraq aims to produce 6 million bpd in 5 years
Workers adjust a valve of an oil pipe in Tawke oil field in the Kurdistan region of Iraq. Photo: Reuters
Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, confirmed on Wednesday that the ministry is working on projects to increase oil production according to a five-year plan aiming to reach a production rate of six million barrels per day.
Abdul-Ghani’s remarks took place during a meeting he chaired to discuss operations with senior officials in the oil sector, according to a statement cited by the state news agency.
The Iraqi Oil Minister emphasized that the ministry is accelerating the implementation of strategic projects related to oil exploration and extraction, flared gas utilization, renewable energy, and infrastructure.
“We have achieved a significant increase in production, and we plan to reach self-sufficiency to stop imports,” Abdul-Ghani said,
“Several promising projects that achieve our goals will be completed in the coming period,” he added.
The Iraqi minister indicated that the Oil Ministry is working to enhance the strategic reserve of oil derivatives to support electricity generation.
Abdul-Ghani added that the ministry is also working on the resumption of oil exports from northern Iraq to increase financial revenues, which support the state treasury.