Sep 26 2012

Iraqi Kurdish region to produce 1 million barrels of oil in 2015

By Shaymaa Adel

Azzaman, September 26, 2012

The future of Iraq’s oil sector has never been as rosy as it is now.

Predictions for oil production and exports are promising and the country is on its way to turn into world’s number one exporter.

A few years ago, the Iraqi Kurdish region was barren as far as oil production is concerned.

Under a new deal with the central government, the region is currently pumping 200,000 barrels via national pipelines, substantially adding to the country’s export average of more than 2.6 million barrels a day.

It seems the country is floating over an ‘ocean’ of oil as the three Kurdish mountainous provinces of Dahouk, Arbil and Suliamaniya are boasting billions of barrels in new discovered reserves.

Iraq’s proven oil reserves are estimated at 115 billion barrels.

There are currently scores of foreign firms developing Iraqi oil fields and in 2015 Iraq’s output level is expected to be twice as much. Iraqi oil production hovers at 3 million barrels a day.

And the latest good news has come from the Kurds and specifically from the Kurdish regional minister of oil, Ashti Horami.

“The Kurdish regional government is to propel exports by 2015 to nearly 1 million barrels a day barring unexpected interruptions,” Horami said.

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