Iraq has many obstacles on reaching its oil production targets | ||
06/06/2017 | ||
Ian Thom, principal analyst of upstream MENA for Wood Mackenzie, wrote, “Collectively, Iraq’s southern technical service contracts (TSCs) have added 2.3 million [barrels per day] of oil production since 2009—a remarkable achievement given the challenges.” He noted that 70% of the added barrels are growth, while the rest are offsetting baseline decline. But Iraq is producing 4.7 MMbbl/d below its 8 MMbbl/d plateau production target (PPT), Thom said, adding it has “only achieved one-third of the incremental production required to meet the PPT,” excluding baseline production. Data from OPEC’s latest monthly oil market report showed Iraq produced about 4.37 MMbbl/d in April, down from about 4.41 MMbbl/d in March. Efforts to grow production come as the global oil and gas industry continues to rebound from a prolonged downturn. Iraq makes 90% of its revenue through oil. It has awarded development rights to some of the world’s biggest oil companies, it has been challenged by commercial, technical, political and security issues. | ||
Last Update:: 06/06/2017 | ||
Iraq Directory |