Previously we had reported about an increased production target for the West Qurna oil field.
West Qurna should get to 750,000 barrels per day by 2014
The latest state department iraq status report still shows no gains in production and exports for the country over 2010.
The Zubair field production rate has increased from approximately 183,000 barrels of oil per day, the initial production rate on the TSC effective date of 18 February 2010, to a sustained rate of appreciably over 201,000 barrels of oil per day (the minimum required production rate to trigger cost recovery). With this successful increase in production, the consortium's contract cost recovery commences, with the group additionally earning a Remuneration Fee of $2 per barrel on incremental oil production.
The consortium plans to increase production from the Zubair field to 1.2 million barrels of oil a day, representing an increase of nearly 1 million barrels of oil per day. Target production is expected to be progressively reached within the next six years and maintained for seven years thereafter.
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Ocean Floor Gold and Copper
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