Iraq agrees with international companies to increase oil production.

2016/08/11 15:29


Iraqi officials said the oil sector, Iraq reached an agreement with the BBC and shell companies and Luke oil to resume stalled investments in oil fields developed by these companies, giving way to resume projects that stalled in the current year and increase crude oil production in 2017.

And these agreements deferred reached in July the implementation of projects to the second half of the year after three companies planned to implement in the first half where they were suspended because of low oil prices.

Reuters quoted "officials expected such investment to increase oil production by between 250 000 and 350 000 barrels next year, currently Iraq produces about 4.6 million barrels a day, mostly in the southern region.