By the year of 2015, Iraqi Kurdistan anticipates to produce one million barrels per day oil. This will be an ambitious fivefold increase over the current production level. The autonomous region of Iraq, Kurdistan is aggressive since the beginning in terms of oil production and that is the main factor which attracted many foreign companies to this city.
In a report, Ashti Hawrami has predicted that achieving one million barrels per day by the year of 2015 is highly possible. This has been reported by the Invest Group LLC in this week’s edition.
Current production of about 200,000 bpd is set to rise to 250,000 barrels by the end of 2013, with hopes of raising it to one million bpd by 2015. And by 2019, the Kurdistan Regional Government (KRG) expects exports of two million bpd.
Ashti Hawrami stated that they are pretty confident that from the year of 2019, Iraq will be self-sufficient enough to supply two million barrels to different parts of the world. Rising export means more revenues from oil, which would make the region economically sustainable and strong.
He also added that the northern region of Iraq, which is also a semi-autonomous region, will stand out in the country of Iraq as a symbol of development. The region will play a major role in the prosperity of Iraqi economic position. In order to achieve this goal the Kurdish government has already signed a deal with Turkey to transport 420,000 bpd of crude oil, and the pipeline to do so has an estimated completion date of mid-2014, according to the report.
In order to ship the fuel to Turkey the completion of the Kurdistan Iraq Crude Export pipeline is set for the end of 2013. The pipeline will go from Taq Taq to Khurmala, then from Khurmala to Fish Kabur, according to the Kurdistan Ministry of Natural Resources, which Hawrami heads.
It has been also speculated that by the end of the year of 2013, Kurdistan investments for oil and gas field will reach around 15 to 20 billion USD. The region is backed with 14 upstream projects, 45 billion barrels in oil reserves and overall 57 discovered oil and gas fields.
Updated 11 Jun 2013 | Soruce: Kurdish Globe | By S.Seal