Iraq targets 10 mbpd in 2032: PM

By N Saeed

Iraq has told US companies awarded major oilfield contracts that it wants to expand its crude output capacity to nearly 10 million barrels per day (mbpd) within six years, the OPEC member’s Prime Minister has said.

Ali Al-Zaidi told Iraq’s Alekhbariya TV that raising capacity would be gradual on an annual basis and that US companies have the financial and technological capabilities to achieve that target.

“We have set a target to increase our oil capacity to 10 mbpd in 2032…this plan means that Iraq will be able to play a more influential role in the oil market,’ he said.

Al-Zaidi, who made his first state visit as Prime Minister to the US in July, said some of the US firms awarded contracts have started work on key oilfields in South Iraq.

”We expect their work to boost Iraq’s role in the region and the world…Iraq’s influence regionally and globally will be different from former Iraq,” he said.

Iraq’s oil minister Bassim Khudair said after the visit to the US that oil and gas deals worth nearly $300 billion were finalised with American companies.

The seven contracts aim to increase Iraq’s hydrocarbon reserves and output capacity, he said, adding that they include HKN Energy, Chevron, Halliburton and other firms.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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