12-28-2010 08:50 BJT
Watch Video
Play Video
Iraq's new Oil Minister, Abdul Kareem Luaibi, has outlined plans to increase oil and gas output by improving its infrastructure including storage capacity and pipelines.
He was speaking at a handover ceremony where he was presented with the country's flag by his predecessor at the oil ministry headquarters in Baghdad.
Abdul Kareem Luaibi, Iraq's new Oil Minister, said, "The next phase of our work will see rehabilitation of infrastructure for the oil sector in line with the increase of production from oil fields, as projects of increasing export and storage capacity, extending oil and gas pipelines and work on the best investment of gas associated with the petroleum operations. We will move forward to support the oil companies which won in the three round bids and provide the appropriate investment ground for the oil sector."
Iraq sits upon some of the world's largest oil reserves. But it has been struggling to push output close to the 3 million barrels per day it produced in the late 1980s. Lingering insecurity and months of political limbo have delayed much-needed upgrades to the war-ravaged country's oil fields and export pipelines.
Luaibi says the country is on track to raise output capacity to 12 million per day in six to seven year's time. But skeptical analysts say 6-7 million per day is a more realistic target.
No comments:
Post a Comment