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Iraq is close to agreeing with foreign companies to modernize oil production and export capacity
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Oil Minister Thamir al-Ghadhban said on Wednesday that Iraq is in talks with international companies to help it modernize its oil production and export capacity and an agreement will be reached soon.
"This is a priority. We have a dialogue with international companies. It took a while, but we are about to agree," Ghadhban told Reuters. We will resolve this issue soon. "
He pointed out that "Iraq targets production capacity of five million barrels per day in 2019, is expected to average exports to about 3.8 million barrels per day, and Iraq is planning to boost its export capacity, after upgrading its energy infrastructure, to reach 5 million and 800 thousand barrels per day in "Next years".
The export capacity will include five million and 600 thousand barrels per day of oil fields in the south of the country, with the availability of one million barrels per day after the completion of the construction of a new pipeline between Kirkuk and Jihan.
"The oil ministry has received offers from three foreign contractors to build a giant facility to boost its oil production capacity," Ghadhban said.
He added that he expects to start work in early 2019 and that the project will cost billions of dollars. He added that an additional export capacity of 1 million barrels per day will be added from a pipeline linking the southern city of Basra with the Red Sea port of Aqaba.
He said a final deal was expected with BP to boost production from oilfields around the northern city of Kirkuk.
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