Iraq has slashed crude oil production since exports from its Gulf terminals came to a standstill and onshore storage began to fill up last week (MEES, 6 March). A senior Iraqi oil official says nationwide production is now just 1.44mn b/d, implying a two-thirds collapse in a matter of days. This brings production down to the lowest level since the immediate aftermath of the US invasion in 2003.
Most of Basra’s giant oil fields have now been shut in, with only Eni’s Zubair and BP’s North Rumaila still operational and producing a combined 750,000 b/d. Output at the two fields has been kept going in order to provide around 600mn cfd of associated raw gas to the Basrah Gas Company (BGC: state-owned South Gas 51%, Shell 44%, Mitsubishi 5%) processing facilities. (CONTINUED - 879 WORDS)
