Iraq to ‘increase oil output by 2014’

oilwell iraq-Dani Simmonds sxc optAround US$620bn needs to be invested in Iraq’s oil and gas industry through 2030, according to Iraq’s Integrated National Energy Strategy. (Image source: Dani Simmonds/sxc.hu)Iraq will ramp up its oil production to 4.5mn bpd by the end of 2014, an increase from the 2.9mn bpd currently being produced, a government official has announced

Thamir Ghadhban, chairman of the Prime Minister’s advisory commission on Energy, said, “Under the country’s strategy to boost production, Iraq is planning to work on three scenarios for increasing production — With the medium scenario that sees the country reach nine million bpd by the end of 2020, the high scenario of boosting production to 13mn bpd, and with the low scenario reaching a peak of six million bpd.”

Around US$620bn needs to be invested in its oil and gas and related industries through 2030, according to Iraq’s Integrated National Energy Strategy (INES).

The INES also forecasted that by 2022 all domestic energy requirements would be met.

Ghadhban said, “The strategic goals of the plan are to meet local energy needs, maximise government revenues, encourage economic diversification and improve the standard of living and create jobs.”

 

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