Russian firm targeting Iraqi oil fields

oilwell iraq-Dani Simmonds sxc.huRussia’s oil production was highest in 2012 at 10.37mn bpd. (Image source: Dani Simmonds/sxc.hu)ROSNEFT, the Russian state-owned oil company, has said that it is interested in exploration and development activities on the oil fields of Iraq

Igor Steshin, CEO of ROSNEFT, said, “Iraq has a high potential for oil production but that might be achieved only in a stable situation in the country. We are confident that large bilateral projects will allow effective development of its economy.”

Last year, ROSNEFT has helped in maintaining Russia’s oil production at 10.37mn bpd, which was highest in the world, surpassing that of Saudi Arabia’s output.

During the last two years, Iraq has signed contracts with a number of international companies. It is expected that these contracts will raise the country’s crude output of three million bpd to between six and eight million bpd by 2017.

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