Iraq aims to produce 6 million bpd in 5 years

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Iraq aims to produce 6 million bpd in 5 years

On Wednesday, the Iraqi Minister of Oil, Hayan Abdul-Ghani, confirmed that the Ministry is working on projects to increase oil production according to a five-year plan to reach a production rate of six million barrels per day.

Abdul-Ghani chaired a meeting with senior oil officials to discuss operations, per a statement from the state news agency.

The Iraqi Oil Minister stated that the Ministry is expediting the implementation of critical projects regarding oil exploration and extraction, utilization of flared gas, renewable energy, and infrastructure.

Abdul-Ghani said they had significantly increased production and planned to achieve self-sufficiency to reduce imports.

He mentioned that several promising projects will be completed soon, which will help us achieve our goals.

The Oil Ministry in Iraq is working to increase the strategic reserve of oil derivatives to support electricity generation.

Abdul-Ghani stated that the Ministry is working to resume oil exports from northern Iraq to support the state treasury financially.