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February 17, 2011

Iraq oil production targets 8 million barrels per day in 2018

The Iraqi government plans to hold a new oil and gas licensing auction later this year as it gears up for a major push to increase oil output and capture natural gas for electricity generation

Iraqi oil officials are optimistic that major international oil companies will meet their pledges to significantly increase the country's oil production. They say Iraq could increase oil output to as much as 8 million barrels a day by 2018, though oil analysts expect that target to take longer to achieve.

Mr. Ameedi said oil output from three major oil fields being developed by some of the world's biggest oil companies would increase output by nearly 500,000 barrels a day by the end of this year, bringing total output to 3 million barrels a day.



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