Iraq to witness rise in oil output in 2008

January 28, 2008

The Iraqi Oil Minister expects the country's oil production to increase by as much as 400,000 daily in 2008, attributed to better security in the oil sector, Iraq Directory reported.

He further mentioned that Baghdad will ink contracts with numerous international oil companies to develop its super giant oilfields which are already producing oil.
The Iraqi capital is currently producing 2.3 million bpd of oil and expects to boost supply to between 2.6 million and 2.7 million bpd during the current year.
He concluded that Iraq's exports have increased dramatically due to more reliable flows through its pipeline to the Turkish port of Ceyhan.
------------------------------ Changing procedures of selling Kirkuk oil
A statement issued by the Iraqi Oil Ministry said that the ministry has changed the procedure of selling Kirkuk crude oil to Turkey's Ceyhan port, Iraq Directory reported.
The statement also disclosed that the selling of Kirkuk crude oil by the Ceyhan port will be made on term contracts instead of auctions.
The auction system is no longer in effect after Iraqi oil exports from Kirkuk oilfields have stabilized.
It is worth mentioning that roughly five to six million barrels of oil were sold during each auction.
(Source: MENAFN)