31/01/2011Shahristani: Iraq will be 4 million barrels of oil a day end of the year
Erbil, The Iraqi Deputy Prime Minister for Energy, Hussain al-Shahristani said on Monday that Iraq would be able to export 4 million barrels of oil per day by the end of this year.
Iraq currently produces about 2.4 million barrels per day of oil, which accounts for more than 90 percent of the country's revenues.
And Iraq signed oil contracts with international energy companies beginning of last year after two rounds of licenses, for the development of ten oil fields discovered untapped, and it is hoped that the country's production of crude oil to 12 million barrels per day within the next five years.
Observers are skeptical about Iraq's ability to gain access to the production target because of security challenges, as well as political instability.
According to the agency "Reuters", the al-Shahristani said at a conference of the United Nations in the Swiss city of Geneva, said that "Iraq will be able to export 4 million barrels per day of crude oil by the end of this year."
He pointed out that "contracts for the construction of a new bonded will help to increase energy from its current level," stressing that "the end of 2011 will own Iraq's export capacity of around 4 million barrels a day."
The Iraqi Oil Ministry had announced in October last that crude oil inventories in the country has 505 billion barrels of discovered fields and by tobacco 66 oil fields, with total recoverable reserves of 143 billion barrels.
The proven oil reserves of Iraq at 115 billion barrels, already the third-largest reserves in the world after Saudi Arabia and Iran.
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http://www.aknews.com/ar/aknews/2&rurl=translate.google.com
