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Iraq to increase crude oil output capacity by 30 percent

OPEC's second-largest producer, after Saudi Arabia, Iraq plans to award oil and gas exploration and development contracts in 11 new blocks on April 15.

Devdiscourse News Desk | Updated: 02-04-2018 08:12 IST | Created: 02-04-2018 08:12 IST
Iraq to increase crude oil output capacity by 30 percent
The Iraqi government depends on the sector for more than 90 percent of its income. (Image Credit: Wikipedia)

The Iraqi cabinet on Sunday approved a plan to raise the nation's crude oil output capacity to 6.5 million barrels per day by 2022, according to a government statement.

Iraqi Oil Minister Jabar al-Luaibi said in January capacity was currently close to 5 million bpd.

The country is producing more than 4.4 million bpd in line with an agreement between the 14-member Organization of Petroleum Exporting Countries and other exporters including Russia to cut supply to boost oil prices.

OPEC's second-largest producer, after Saudi Arabia, Iraq plans to award oil and gas exploration and development contracts in 11 new blocks on April 15.

The Iraqi government depends on the sector for more than 90 percent of its income.

Iraq recently announced plans to award oil and gas exploration and development contracts in 11 new blocks on April 15, oil ministry spokesman Asim Jihad said on Sunday.

Iraq had initially set June 21 as the date to open the bids for the new blocks, located in border areas with Iran and Kuwait, and in offshore Gulf waters.

Bidding documents will be made available to oil companies planning to make offers on April 13, Jihad told Reuters. The offers will have to be submitted on April 15 and the winners will be announced the same day, he added.

(With inputs from Reuters)


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