Basra oil field production up 26% in three months

[k98nights]

Basra oil field production up 26% in three months

20/06/2011 19:19

Basra, June 20 (AKnews) – West Qurna oil field in Basra has increased its output by 26 per cent since March, to reach a production capacity of 347,000 barrels per day (bpd).

Madi Abdul-Razzaq, director of the operation’s committee said: "We have a number of new projects to increase production to 400,000 bpd by the end of 2011. The increased production in West Qurna is a result of drilling new wells and rehabilitating old ones."

"The project’s management has ordered the drilling of dozens of new wells in the near future."

The Southern Oil Company announced earlier that the increase of production of West Qurna field will increase the size of the annual financial allocations of Basra province by $100,000 a day.

The Oil Ministry signed a contract with American company, Axon Mobile, on October 29, to develop West Qurna field.

West Qurna oil field is about 110 km north of Basra, and it is the largest oil field in Iraq. Oil was first extracted from it in 1973, and according to the estimates of experts it contains oil reserves of 24 billion barrels.

By Bahaa al-Khadimi

RN\PS

http://www.aknews.com/en/aknews/2/247614/

[MotorCity]

Looks like oil production will increase dramatically this year and next, helping increase the value of the IQD. The value will increase based on the projected increase in production and revenues, along with the discovery of more and more "black gold".

Seems like we may want to hold onto lots of Dinar for the future, rather than convert to USD right away.

Of course, this will only happen if these tribes stop blowing each other up!

[HYDRANT]

THIS IS GREAT---NOW WHERE IS THE HCL LAW

[Don & Rocio]

Thanks K98....as that wacky Alaska politician says...."drill baby drill!"

[redsand]

Looks like oil production will increase dramatically this year and next, helping increase the value of the IQD. The value will increase based on the projected increase in production and revenues, along with the discovery of more and more "black gold".

Seems like we may want to hold onto lots of Dinar for the future, rather than convert to USD right away.

Of course, this will only happen if these tribes stop blowing each other up!

I don't know if I can hold onto any dinar once the RV happens. Its tough when you know you can cash out and make a profit right away haha.

[RAGARCIA62]

boy, they are some workin people. crack that whip.