Contract terms challenge Iraqi capacity target

摘要

Iraqi oil minister Jabbar al-Luaibi expects the country to achieve crude production capacity of 5mn b/d this year. But upstream foreign operators warn that this target could be missed without changes to the current investment framework. Al-Luaibi told the Iraq Energy Forum in Baghdad on 2 April that Iraq could reach this year's target capacity through local efforts, licensing deals and moves towards minimum cost extraction. The highest production rate given by government officials in the past year was 4.83mn b/d in December.