Taps on: in Iraq
North Oil eyes output booster
Iraq's North Oil Company hopes to bring output to 800,000 barrels per day within two years, an increase of around 100,000 bpd, as part of Iraq's efforts to raise stubbornly low yields from its oil reserves, the head of the company said.
"We in the North Oil Company are in agreement with the first bidding round ... We have taken part in the preparations with the Oil Ministry," Manaa Abdullah al-Ubaidi, general manager of the state-run producer told Reuters in an interview, published today.
Ubaidi's comments set North Oil apart from its peer in southern Iraq, the South Oil Company, which has criticised the Oil Ministry for offering fields already in production and for setting out terms it says will deprive Iraq of its due rewards.
He added that North Oil planned to add 35,000 bpd in production to Ajeel field this year and 60,000 bpd to Himreen field within two years, boosting its overall output to around 800,000 bpd.