Iraq is looking to challenge Saudi Arabia’s regional oil dominance with a new plan to ramp up its oil production to 7 million bpd by 2027
Iraq is looking to ramp up its oil production to 7 million bpd by 2027.There is much potential left in the area as the Rumaila field, despite it having already produced around 80 percent of all of Iraq’s cumulative oil production to date.Like the first cuckoo of spring, the annual autumn refrain from senior Iraqi oil officials of new production targets has that pleasant ring of the familiar about it to seasoned oil industry watchers.
The sheer enormity of the scale of the reputational risk to Western IOCs can be judged from the massive potential rewards that they are willing to leave behind in Iraq. As analyzed in depth inin 2013, Iraq launched its ‘Integrated National Energy Strategy’ , which formulated the three forward oil production profiles for the country.
There is much potential left in the area as the Rumaila field, despite it having already produced around 80 percent of all of Iraq’s cumulative oil production to date, together with the Kirkuk field, has an estimated 17 billion barrels in proven reserves. Jointly run by a venture in which China’s PetroChina – the listed arm of the state-owned China National Petroleum Corporation – has a 46.37 percent share, Rumaila was always intended to produce at least 2.
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