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Iraq shoots for 3 mbp by end of 2011 + HCL


Maymay
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11 Sep 2011

Iraq eyes 3 mln bpd oil output by year-end: minister

AMMAN, Sep 11, 2011 (AFP) - Iraqi Oil Minister Abdelkarim al-Luaybi said on Sunday that his country is seeking to produce three million barrels of crude per day by the end of the year.

"We seek with international companies to produce three million barrels by the end of 2011, and export 2.5 million barrels next year," Luaybi told a conference in the Jordanian capital, which is being attended by 46 oil firms."We are implementing a plan that is unprecedented in the history of Iraq's oil industry, multiplying oil and gas production to four times and building gigantic infrastructure and projects to turn Iraq into a key energy source in the world."

Iraq currently produces around 2.7 million barrels of oil per day (bpd), and the government is aiming to increase that to 12 million bpd by 2017, although the IMF has voiced doubts over whether that target is attainable.

Oil accounts for the lion's share of government income, with Iraq exporting around 2.2 million bpd.Last month, Iraq's cabinet approved a draft oil and gas law in a bid to regulate the country's most lucrative sector after years of political deadlock.

The new law divides responsibility for the oil sector between the central government and the provinces but even before its passage, foreign investors still poured in, signing 11 major contracts which could potentially boost Iraq's output fivefold.kt-akh/kir

http://www.zawya.com/story.cfm/sidANA20110911T083305ZHQV75/lok083309110911/Iraq_eyes_3_mln_bpd_oil_output_by_yearend_minister?&zawyaemailmarketing

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Like the hangman says, "There's no noose like good noose".

That noose man sounds a bit Swedish or Norwegian to me!laugh.gif Don't ask me to break out any Sven and Ollie jokesrolleyes.gif, the DV will never be the same!wink.gif They might also find a noose for my goose! unsure.gif

Letter rip boyz... progress, that is what we like! Might be a good investment opportunity over there once we put this one to bed!

GO RV Already Baby!!!cool.gif

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Are you assuming this article is saying the HCL is passed by what you have highlighted in Red? It is true the cabinet has approved this copy of the HCL, according

to other articles, but when it was presented to parliament for a vote, it was disputed by the Kurds and that dispute has not been appeased yet. Hopefully it will be soon!

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Might be a good investmentopportunit y over there once we put this one to bed!

THIS, is why i watch Iraq and the Dinar so closely....i KNOW once they clean up the mess they've made of their currency and pass a few laws, investment opportunities all over Iraq will open up, and REAL money can be made

Edited by Ridewithme38
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Are you assuming this article is saying the HCL is passed by what you have highlighted in Red? It is true the cabinet has approved this copy of the HCL, according

to other articles, but when it was presented to parliament for a vote, it was disputed by the Kurds and that dispute has not been appeased yet. Hopefully it will be soon!

Hi Linda, no draft doesn't mean passing you know that and so do I. But it's a step in the right direction.

Thanks for everyones replies!

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