Iraq to Increase Production in 2014

Iraq will ramp up oil production to 4.5 million barrels per day by year-end in 2014, an increase of about 1.6 million that the country currently produces, an Iraqi senior official announced, reported the Associated Press.

Under the country’s strategy to boost production, Iraq is bearing in mind three scenarios for increasing production, with the “medium scenario seeing the country reach 9 million barrels per day (bopd) by the end of 2020; or the high scenario of boosting production to 13 million bopd, with the low scenario reaching a peak of 6 million bopd,” stated Chairman of the Prime Minister’s Advisory Commission on Energy Thamir Ghadhban.

Ghadhban was discussing the country’s plans at a ceremony in Baghdad, reported the Associated Press.

Around $620 billion needs to be invested in its oil and gas and related industries through 2030, Iraq’s Integrated National Energy Strategy reported. The report also forecasts that by 2022 all domestic energy requirements could be met, and that by diversifying the country’s economy, an additional 10 million jobs could be added.

"The strategic goals of the plan are to meet local energy needs, maximize government revenues, encourage economic diversification and improve the standard of living and create jobs," said Ghadhban, Reuters reported.

This strategy will be discussed at the formal Iraq Petroleum Conference, which is taking place next week. H.E. Dr. Rowsch N Shaways, Deputy Prime Minister of Iraq and H.E. Thamir Ghadhban, Chairman of the Advisory Commission to the Prime Minister, will meet to outline the goals and objectives of the strategy over the next 10 years.