Oil production at Iraq’s Muthanna exceeds projections: governor

A worker checks the valves at Al-Sheiba oil refinery in Basra, Iraq, January 26, 2016. REUTERS/Essam Al-Sudani/File Photo

Muthanna ( Work has completed at the first oilfield of a block at Iraq’s province of Muthanna, its governor said on Saturday, noting that production in the province’s blocks exceeds previous predictions.

Governor Faleh al-Ziyadi said in a statement that work has completed at Salman 1, the first oil well at 12th block, which is managed jointly with Najaf province. He added that the current year will witness the commencement of drilling works at two other wells in the same block, Salman 2 and Salman 3.

According to Ziyadi, data from Bashneft, the Russian company investing in the block, have revealed that Salman 1 production went beyond the determined economic threshold, making nearly 4000 barrels per day.

Iraq exported more than 95 million barrels of oil during the month of February, with revenues exceeding USD5 billion, the oil ministry said earlier this month in a preliminary statistic.

The statement, quoting numbers provided by the state-owned oil marketing company, SOMO, said crude oil exports from Iraq stood at 95.940.404 barrels.

Those, according to the statement, made revenues worth USD5.796.532.000.

The rate per barrel stood at USD60.137,  the statement noted, adding that the daily export rate was 3.426 million barrels.

The statement added that no revenues were recorded from Kirkuk oil fields as activity remains halted since Iraqi forces took over the province’s facilities from Kurdish forces responding to a September referendum held by Kurdistan Region in which a majority voted for independence from Iraq.

Iraq is the second biggest producer of oil among the world’s oil exporters body, OPEC, coming after Saudi Arabia.


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