Iraq Confirms the Five-year Production and Export Plan

Source: www.gulfoilandgas.com 8/4/2022, Location: Middle East

The CEO of the National Oil Company confirmed the progress in implementing plans to sustain and increase production and export for the next five years.

The First Vice President of the National Oil Company and CEO Hamid Younis said: (The ministry and the company are implementing the program prepared for this purpose, in cooperation with global contracting companies). This came during the meeting of upstream companies officials that he chaired, to discuss and follow up plans to implement projects to sustain and increase oil production and export.

Younis stated that Iraq has promising production capabilities that qualify it to be one of the most important producers during the next few years, and that the conditions that Iraq witnessed in 2014, the global economic crisis, and low oil prices have held back plans to increase national production, stressing the importance of support and financing to reach the goals planned according to accurate calculations and production rates of 5-8 million barrels per day during the coming years, taking into account changes, requirements, and needs of the global oil markets, The projects plans include intensifying drilling and exploration operations, infrastructure development, the establishment of pumping and processing stations, pipeline networks and gas investment, and the development of exporting outlets and others.

On his part, the Director General of Oil Exploration Company, Ali Jassim, has said that the next stage will witness remarkable activity in the exploration sector, as these plans depend a lot on the sustainability and increase of the oil and gas production.

The company is intensifying its efforts in this area through research, interpretation and study centres and, in the field, by seismic teams, particularly in Western Desert and Nineveh, to transform the potential capacities and expectations underground into real production that will contribute to the realization of our promising plans.

The meeting was attended by official upstream companies in the north, center, and south.


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