Production target:Iraq's Oil Minister Hussain al-Shahristani
Iraq eyes 3 million bpd booster
Iraq is targeting oil production of more than 3 million barrels per day in 2007, its oil minister said today, a sharp rise from current production of around 2 million.
"Iraq wishes to exceed producing 3 million barrels a day in 2007 - this is achievable by repairing the northern pipeline that connects to the Mediterranean," Hussain al-Shahristani told Reuters on the sidelines of a meeting with South Korean energy officials.
Baghdad is struggling in the face of sabotage and outdated infrastructure to produce 2 million bpd, down from nearly 3 million bpd before the US-led invasion in 2003.
Iraq produced 1.97 million bpd in March, up from 1.89 million bpd in February, according to a Reuters survey.
Exports from Iraq climbed last month to 1.62 million bpd, the highest since September 2006, on increased shipments from the Basra oil terminal, according to shipping sources.
Iraq issued invitations for 15 Arab, Asian and American companies to drill 100 oil wells in the country's south as part of efforts to boost production, the oil ministry said earlier this month.
Al-Shahristani said the country was targeting oil production of over 4 million bpd in 2011.
Iraq has the world's third-largest proven oil reserves and needs billions of dollars to revive its oil sector, which is crucial for rebuilding its shattered economy.
In February, Iraq's cabinet endorsed a draft oil law regulating how wealth from the country's vast oil reserves will be shared by its ethnic and sectarian groups.
The oil law, which is still awaiting parliament's ratification, has given the regions the right to negotiate with international firms on developing oilfields.
"It is achievable to pass the law within two months since all political parties are in favour," al-Shahristani said.
The law will also restructure the Iraqi Oil Company (INOC) as an independent holding company and establish a Federal Council as a forum for national oil policy.