According to Reuters article published on November 17, 2022, Iraq plans to increase its oil production capacity to around 7 million barrels per day in 2027, head of state-owned oil marketer SOMO Alaa Alyasri told Reuters on Wednesday.
Iraq's current crude production capacity is close to 5 million barrels per day (bpd), but it produced 4.651 mln bpd in October, according to SOMO. This is in line with its production quota under the OPEC+ agreement.
The capacity increase will come from Iraq's giant fields currently undergoing development including Rumaila, managed by a joint venture of BP Plc (BP.L) and PetroChina Co Ltd (601857.SS), as well as from Lukoil's West Qurna 2, Alyasri said.
BP discussed with Iraq’s oil ministry in May boosting Rumaila’s production to its peak capacity of 1.7 mln bpd. And last year, Iraq's then-oil minister Ihsan Abdul Jabbar said Lukoil plans to double West Qurna 2 production to 800,000 bpd in 2027.
There are also green fields that are still in development stages or early production, which have showed promising output potential, Alyasri added.
Iraq's oil ministry is looking to increase oil production rates and raise baseline exports, state news agency (INA) cited the head of state oil marketer SOMO, Alaa Alyasri as saying on Wednesday.
"The increase in these production rates will take place in coordination with OPEC and according to the decisions taken in line with oil market requirements," Alyasri said.
