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Tuesday, October 18, 2011     FOR YOUR EYES ONLY

Kurdistan aims for one million barrels of crude per day by 2016

BAGHDAD — The autonomous northern Iraqi region of Kurdistan expects to produce up to one million barrels of crude oil per day.

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Officials said the Kurdish Regional Government has set a goal to reach one million barrels per day by 2016. They said the first stage of oil production would reach 200,000 barrels per day by 2012.

"In the space of four years we have increased production from a standing start to about 200,000 barrels per day by the end of this year," KRG Natural Resources Ministry adviser Saad Sadollah said.

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"We are on track for our, I guess, ambition of reaching one million barrel per day by 2015 and we believe we have the investments and the ability to achieve that."

In an address to a conference in Irbil, Sadollah said Kurdistan, with more than 40 exploration wells, could reach total energy reserves of 45 billion barrels of oil and up to 200 trillion cubic feet of natural gas. He said energy development would be accompanied by the expansion of Kurdistan's support infrastructure, including refineries.

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