Oil production to reach 6 million barrels by 2028 in Iraq

Baghdad - INA

The Ministry of Oil revealed, today, Saturday, a plan to increase production to 6 million barrels by 2028, while confirming that drilling the multi-arm well saves 3 million dollars for the state treasury.

The Deputy Minister of Oil, Bassem Mohammed Khudair, said in a statement to the Iraqi News Agency (INA): "The ministry has an ambitious plan to support and maintain production to secure the required quantities for export," noting that "the ministry seeks to reach production of 6 million barrels by 2028 and achieve self-sufficiency in the amount of gas required for energy and industrial uses."

He added that "some projects in the northern region have been referred to the Chinese company ZBK," indicating that "Well No. 89, which is called the multi-arm, has been drilled, as its benefit is first that it provides high technology and economic financial abundance."

He pointed out that "the multi-arm well saves the state $ 3 million, in addition to providing double production compared to the previous traditional method," explaining that "the ministry seeks to invest in the fields with the latest global technology."

He continued, "EPS Company also succeeded in investing in the East Baghdad field and reaching the targeted production capacities according to the contract to 40,000 barrels and aspires to increase it," indicating that "this field supplies the Al-Quds and Mustafa Al-Dora power stations with quantities of oil exceeding 43 million liters."