» Home » Business News Iraq Directory Services Plans Subscription Contact us Site Map Help About Iraq Iraq aims to raise output capacity to 3.25m bpd by 2006 Iraq is aiming to raise oil output capacity to 3.25 million barrels per day by the end of next year using its own resources as violence keeps foreign investors away, Oil Minister Thamir Ghadhban said. The increase would lift Iraqi capacity from 2.8 million bpd and back near levels last seen before the 1990-91 Gulf crisis that sparked 13 years of sanctions against Baghdad. "Our production capacity now is almost 2.8 million, but we are eager to improve on that," said Ghadhban. "We hope by the end of next year we have capacity of 3.25. That's our target." While Iraqi technocrats work towards that goal, Baghdad is signing technical deals with international oil companies to help restore its dilapidated industry. "We are going to continue with our own efforts to develop oilfields, but at the same time we are discussing the possibility of cooperating with international oil companies," he said. "We've had constructive dialogue with many of them." There is no linkage between these technical and training deals, signed by the likes of US major ChevronTexaco and Italian energy giant ENI, and competition for Iraq's prized oilfield development projects, the minister said. Ghadhban is likely to meet with chief executives of many leading companies at a seminar arranged by Opec later this week. Many oil majors also including ExxonMobil, BP, Shell, Total and Lukoil, along Petronas of Malaysia and Pertamina of Indonesia have offered technical help. Baghdad says it will not forget those who have helped the country during difficult times. "These companies are keen to promote their business in Iraq and become engaged," Ghadhban said. "And they will position themselves for future opportunities there is no doubt about that." Ghadhban, among the ranks of nationalist technocrats who have risen after the war to lead the oil ministry, also has a reputation for pragmatism when it comes to realising the country's potential. "We must attract badly needed investment. We don't want to overburden the treasury," he said, adding that a foreign investment strategy has yet to be decided. Ghadhban said Baghdad has yet to decide who will be awarded development rights for big fields such as Majnoon, Halfaya, Bin Umar and West Qurna. These decisions will also involve a newly created National Oil Council and a role for a national oil company being created. Source : www.gulfnews.com © 2002-2004 Iraq Directory - All Rights Reserved