Iraq's oil minister Hussein al-Shahristani announced Wednesday that the country aims to reach production of 3 million barrels per day (bpd) by year's end, rising to 4.5 million bpd by 2010. October output averaged 2.3 million bpd, with exports running between 1.6 and 1.7 million bpd despite repeated pipeline attacks.
More than three years after the fall of Saddam Hussein's government and the lifting of UN sanctions, Iraq continues to struggle with developing its oil industry amid ongoing sectarian conflict. The country holds 112 billion barrels in proven reserves, the second-largest stockpile in the world.
Shahristani recently completed a tour of Asian nations, securing an agreement with China National Petroleum Corporation (CNPC) to develop the Al-Ahdab field in southern Iraq. CNPC had originally signed a deal for the field in 1997, but contracts required renegotiation following the 2003 invasion. The company is targeting output of 90,000 bpd from that field. A joint Iraqi-Chinese committee is scheduled to begin talks in Baghdad on 11 November.
During a separate visit to Japan, Shahristani said the Japanese government agreed to provide a 3.5 billion dollar soft loan to fund construction of a refinery and a floating loading platform in Basra.
Historical summary. TurkishPress restated this wire report, first published in November 2006, in its own words.