The country’s crude output and capacity may peak after growth of about 25%, analysts say, falling short of 2027 targets
London/Dubai/Baghdad — Iraq’s oil output and capacity may peak after growth of about 25% over the next five years, analysts said, falling short of 2027 targets and ending a long-standing ambition to rival the output of top Opec producer Saudi Arabia.
Iraq’s oil minister, Hayan Abdel-Ghani, who took office in October, plans to update Iraq’s oil production strategies to meet local needs while complying with the Opec+ agreement, oil ministry spokesperson Asim Jihad said. Two decades after the war began, the current targets and the even lower forecasts are far off Iraq’s post-war goal to take capacity to 12-million bpd.
Successive governments failed to sign off on Iraq’s fifth licensing round in 2018. Six deals out of eleven oil and gas blocs on offer were eventually signed at end-February, marking long-awaited reforms to the conditions of operating in the country. Abdel-Ghani’s decision to sign the deals four months after his appointment may show a new resolve in government to cut deals more attractive to international energy companies, the source said.A large-scale seawater treatment project needed to boost output at the southern oilfields through water injection, has been stalled for more than a decade due to haggling over terms.
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