Iraq Pencils In 3.4Mn B/D 2014 Exports But Lowers Output Targets

Iraq is aiming for average oil exports of 3.4mn b/d in 2014, including 400,000 b/d from the KRG. This would translate into a rise in Iraqi production to 3.7-3.75mn b/d assuming no further details to field start-ups and unexpected stoppages.

The Iraqi oil ministry is also close to finalizing lower plateau targets for both the Rumaila and Majnoun oil fields with BP and Shell, respectively; though negotiations with ExxonMobil are ongoing for what will be a very large cut in the original target for West Qurna-1.

In the meantime, Iraq has made a major oil discovery at the Sindbad field with initial estimates of some 7bn barrels of oil in place.

Iraqi Oil Minister ‘Abd al-Karim al-Laibi, speaking to reporters at length on the sidelines of the 4 December OPEC meeting in Vienna, outlined the latest work to expand export capacity at southern ports in order to absorb the 500,000 b/d of additional crude oil that is expected to come from southern fields next year, mainly from Majnoun, West Qurna-2 and the delayed Badra oil field. (CONTINUED - 1855 WORDS)

DATA INSIDE THIS ARTICLE

table Iraqi Oil & Gas Data^ (‘000 b/d), October & November 2013