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Global platform: The Iraqi Oil Minister gives conflicting timetables to increase oil capabilities
Shafaq News/ The S&P Global Commodity Insights platform said that the Iraqi Oil Minister gave conflicting timetables to boost the country's oil production capacity.
The Iraqi Oil Minister said during his visit to France, in a statement issued on May 28, that Iraq is looking to increase oil production capacity to 5 million barrels per day by 2025, and to 8 million barrels per day by 2028, as the second largest oil producers seek OPEC to mobilize foreign investment to help develop oil fields.
In this regard, the platform said that the Iraqi minister said that on May 15, oil production will increase from 4.8 million barrels per day to 6 million barrels per day by 2027, and this number is less than the target of 8 million barrels per day. It was previously set for 2027.
Iraq is seeking the help of international oil companies to increase its ability to produce oil, but the political instability, investment climate, and energy transition trends impede its ability to attract sufficient foreign investment to the energy sector, where increasing insecurity, political stalemate and bureaucratic inefficiency threaten to accelerate the exit of international oil companies.
Iraq has struggled with technical problems at some major oil fields, but its crude production jumped to a two-year high of 4.43 million barrels per day in April, according to data from state federal oil marketing company SOMO.
During his visit to France, Ismail met Total Energies CEO Patrick Pouyanne and discussed accelerating the implementation of a $27 billion deal to develop four energy projects in southern Iraq.
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The Iraqi Oil Minister said during his visit to France, in a statement issued on May 28, that Iraq is looking to increase oil production capacity to 5 million barrels per day by 2025, and to 8 million barrels per day by 2028, as the second largest oil producers seek OPEC to mobilize foreign investment to help develop oil fields.
In this regard, the platform said that the Iraqi minister said that on May 15, oil production will increase from 4.8 million barrels per day to 6 million barrels per day by 2027, and this number is less than the target of 8 million barrels per day. It was previously set for 2027.
Iraq is seeking the help of international oil companies to increase its ability to produce oil, but the political instability, investment climate, and energy transition trends impede its ability to attract sufficient foreign investment to the energy sector, where increasing insecurity, political stalemate and bureaucratic inefficiency threaten to accelerate the exit of international oil companies.
Iraq has struggled with technical problems at some major oil fields, but its crude production jumped to a two-year high of 4.43 million barrels per day in April, according to data from state federal oil marketing company SOMO.
During his visit to France, Ismail met Total Energies CEO Patrick Pouyanne and discussed accelerating the implementation of a $27 billion deal to develop four energy projects in southern Iraq.
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