In Oil & Companies News 04/08/2016
Iraq expects to double output at the southern Halfaya oilfield, to reach its planned maximum of 400,000 barrels per day (bpd), in 2018, the oil ministry said in a statement.
The government has approved PetroChina’s plans to launch the third phase of development at the field that now produces about 200,000 bpd, said the statement, citing Adnan Noshi, head of state-run Maysan Oil Co which oversees oilfields in the namesake province.
Iraq last year boosted production by more than 500,000 bpd, despite spending cuts by companies working at the southern fields and conflict with Islamic State militants.
Iraqi officials and oil analysts expect further growth in the country’s exports this year, although at a slower rate than in 2015 when it was the fastest source of OPEC supply growth.
Source: Reuters
