Apr 23 2012
By Adel Kadhem
Azzaman, April 23, 2012
Iraq says its current oil development schemes should see its oil exports rise to six million barrels a day by the end of 2013, Oil Ministry spokesperson Asem Jihad said.
Jihad made the remarks as Iraq inaugurates a second export platform on the head of the Gulf on Wednesday.
“The export capacity from the Gulf terminals with the inauguration of the new platform will be 3.5 million barrels a day.
“If we add the volume of oil that will be produced due to new development projects, Iraq’s export capacity will reach six million barrels a day by the end of 2013,” Jihad said.
The new export volume will turn Iraq into the world’s second largest oil exporter after Saudi Arabia.
At current prices, Iraq will treble current oil royalties estimated at $100 billion and lead to a trebling of living standards.
Iraq has massive proven oil reserves estimated at more than 115 billion barrels.
Large parts of the country still remain unexplored.
Jihad said three more export platforms were to be constructed at the head of the Gulf to propel the country’s export capacity via its southern terminals to about six million barrels a day.
Iraq has another export outlet via Turkey which currently handles about 500,000 barrels a day.