Mubasher: Iraq is planning to increase the production from its southern Majnoon oilfield to 290,000 barrels per day (bpd) by end of 2019, from the current 240,000 bpd, to be increased to 450,000 bpd by the end of 2021.
Baghdad’s southern oil exports declined to below 3.6 million bpd in January, compared to 3.63 million last month, the director of the Basra Oil Company Ihsan Abdul Jabbar said in an interview with Reuters.
South Korea’s Hyundai Engineering is the front runner in a bid for the building of vital water injection project in southern Iraq, the top official added.
“Iraq is also planning to operate a new offshore oil export pipeline with a capacity to transport 700,000 bpd by the end of 2019”, Reuters reported, citing Abdul Jabbar.
Abdul Jabbar stated that Iraq had approved $7 billion investment budget for 2019 to develop oilfields in the Basra region, along with the development of the Majnoon field.