Iraq Eyes Crude Storage, Export Boost

Iraq is looking to persuade IOCs to boost investment in its major fields as it eyes future output gains. But investment in storage and export infrastructure is needed to facilitate production growth.

Iraqi Oil Minister Jabbar al-Luaibi is eying up a fresh attempt to boost export capacity from the south of the country. More than 85% of Iraq’s exports in the first eight months of the year have been through export facilities in the southern province of Basra, even when those from the autonomous Kurdistan region in the north are included.

EXPORTS EASE FROM RECORD LEVELS

Southern exports have averaged 3.25mn b/d during this time, well up from the 2.69mn b/d over the same period in 2015. However, they have plateaued this year and have yet to match the record 3.365mn b/d set last November. This is largely due to production gains stalling since early-2016, falling from a record 4.5mn b/d in January to 4.3mn b/d in August as the cash-strapped government has urged IOCs to rein in investments (MEES, 19 August). (CONTINUED - 843 WORDS)