Iraq expects its oil output to rise to 3 million barrels per day by the end of this year and sees it growing an additional 500,000 to 1 million bpd next year, Deputy Prime Minister Hussain al-Shahristani said on Saturday.
Iraq’s current output is about 2.7 million to 2.8 million bpd. Iraq’s oil exports in May averaged 2.225 million bpd.
“Export terminals and pipelines will not be the obstacle,” Shahristani, who is responsible for Iraq’s energy affairs, told reporters during a visit to southern oilfields and export facilities.
Iraq is rebuilding its oil infrastructure after years of conflict and has signed deals with oil majors to reach a proposed production capacity of 12 million bpd by 2017. Most analysts see 6-7 million bpd as more realistic.
The Rumaila oilfield should reach 1.4 million to 1.5 million bpd by the end of this year. Rumaila current output is about 1.250 million bpd.
West Qurna Phase One was expected to reach 400,000 barrels per day by the end of this year, from current production of around 350,000 bpd.
The Tuba oilfield was around 23,000 bpd, and this was expected to rise to 50,000 bpd at the end of the year.