Iraqi Dinar Discussion Board

[Marcelno]

Iraq to be world's second biggest oil producer PUKmedia 13-12-2009 16:46:54
Iraq is on track to outstrip Russia as the world's second-largest oil producer after the award of a giant production contract to Royal Dutch Shell.
Shell and its partner, Petronas of Malaysia, secured access to the Majnoon field in the country's south, which contains an estimated 12.6 billion barrels of oil, more than three times as much crude as is left in the North Sea.

Iraqi oil minister Hussain al-Shahristani said the projected increase in capacity from Majnoon, plus a string of other deals signed with BP, Exxon Mobil and others, had placed Iraq on course to quadruple its current production of 2.5 million barrels a day to 10 million within seven years. That would put Iraq behind neighbouring Saudi Arabia, which produces 12.5 million barrels per day.

"The new Iraq . . . is in grave need of developing its oil industry," Prime Minister Nuri al-Maliki said at the opening of the auction.

IHS analyst Samuel Ciszuk said raising Iraq's oil production to 10 million barrels within seven years would be a "tough job".
Vast investment in pipelines, power stations and roads was needed.
-The Times, Bloomberg-

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