Chinese private-sector firm United Energy Group (UEG) is targeting 130,000 boe/d output from its Iraqi Block 9 “in the near future,” though 2024 looks a more realistic target.
Output from the block’s Faihaa field hit a record 49,750 b/d for December, in line with the firm’s 50,000 b/d end-2021 target. Average 2021 output of 43,700 b/d was up 63% year-on-year. UEG has 60%, Dubai state firm Dragon Oil 30% and Egypt state EGPC a 10% stake. (CONTINUED - 913 WORDS)