Dhi Qar (IraqiNews.com) Iraq’s oil ministry said Monday it was beginning oil production from an oilfield in Dhi Qar province, with daily amounts set at 20.000 barrels per day.
Minister Jabbar al-Luaibi said in a statement that production will begin from al-Sabba oil field, with a capacity of 20.000 barrels a day.
He also pointed to an intention to “best invest in associated natural gas”, adding that “surface facilities of the oil field have a production capacity exceeding more than 100.000 barrels a day.
Sabba oil field, southeast of Nasiriyah, was discovered in the 1950s, and is one of Dhi Qar’s three major fields. Its first well was dug in 1975, with three more dug in 1977 and 1979.
On Saturday, the ministry said it plans to drive up production from Nasiriyah oilfield to 200,000 barrels per day from 90,000 bpd in the next few years.
Iraq’s economy has been reeling due to the conflict with Islamic State, falling world oil prices and alleged domestic corruption.
Iraq exported crude oil worth USD6.83 billion during the month of November, the country’s marketing company said in a recent statistic.
The State Oil Marketing Organization (SOMO) said that was the worth of 105.51 million barrels exported during the month, with an average price per barrel of USD57.194.
The statistic put the daily export rate at 3.503 million barrels.
Iraq’s oil ministry had unveiled intentions to drive up crude oil production to five million barrels a day before the end of 2017.
Iraq is OPEC’s second largest oil producer following Saudi Arabia.