LOC19:58
16:58 GMT
BAGHDAD, June 7 (KUNA) -- Iraqi oil minister Hussein Shahrestani said
Saturday Iraq realized record revenues generated by crude oil sales, and added
that Iraq would increase oil production to around 4.5 million barrels per day
(bpd) in next five years.
Shahrestani, speaking before the parliament, said Iraq produced 1.9 million
bpd in 2005 and the output was currently at 2.5 million bpd.
High oil prices generated record revenues for the Iraqi government, said
the minister, who noted that USD 28.5 billion were income in five months in
2008 compared to USD 32 billion in the entire 2007.
The Iraqi oil ministry plans to increase crude oil production to 4.5
million bpd in five years, and to some six million bpd in 10 years.
Iraqi oil ministry has improved drilling equipment thus more crude oil was
produced, he said.
Shahrestani said some of the Iranian border guards were banning Iraqi oil
engineers from working in some of the common oil fields in the border Emara
area under pretext of lack of border signs.
He said Iraq has reduce imports of car fuel to around 14 million liters per
year against 21 million liters in 2005.
Shahrestani also pointed to the lessening of sabotage actions against the
oil facilities nationwide thus bringing down losses from around USD six
billion in 2005 and 2006 to less than USD billion this year.
The Iraqi ministry of oil is in the process of buildint an oil refinery in
Al-Nasiriya with a production capacity of 300,000 bpd, in addition to three
other refineries in Al-Emara, Kirkuk and Karbala with 150,000 bpd output. (end)
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