Iraq will be able to raise its oil export capacity from southern terminals by 900,000 barrels a day when a new single point moorings, or SPM, is tested in a few days time, the country's oil minister said Wednesday.
Iraq
will
be able to raise its oil export capacity from southern terminals by 900,000
barrels a day when a new single point moorings, or SPM, is tested in a few days
time, the country's oil minister said Wednesday.
"We will start testing the terminal Jan. 25 and in five to six days, it
will be ready to receive the first vessel," Abdul Kareem Luaiby told a
news conference in
Baghdad
.
Luaiby said that the new floating terminal would increase
Iraq
's
export capacity from southern oil fields to 2.7 million barrels a day.
"The whole project [which include four more SPMs] when completed would
bring
Iraq
's
southern oil export capacity to 5 million barrels a day," he said.
Iraq
has
had to reduce its production from southern oil fields in recent months because
it hasn't had enough export capacity. Operating the new SPM means
Iraq
would
be able to increase its export from the southern oil field to reach some 2.2 million
barrels a day this year from the current 1.8 million barrels a day.
Exports from northern
Kirkuk
crude
are expected to remain steady at around 400,000 barrels a day, meaning
Iraq
's
total export target this year would reach 2.6 million barrels a day, from
roughly 2.2 million barrels a day last year.
Iraq is aiming to raise its production to 3.4 million barrels a day this year,
Luaiby said. Iraq's current output stood at 2.9 million barrels a day. The
increase in output would come from southern oil fields.
Iraq has signed some 11 oil deals with international oil companies over the
last three years with the aim of bringing its output to at least 8 million
barrels a day late this decade.
Iraq's South Oil Co., the largest state oil entity, along with international
firms, has started since last year to dig sub-sea trenches to extend three new
pipelines that would pump crude from new storage tanks in Iraq's southernmost
Faw peninsula to five new SPMs in the Gulf.
The five SPMs and three pipelines were awarded to Leighton Offshore Private
Ltd.--part of Leighton International (LEI.AU). Italy's Saipem SpA (SPM.MI) was
also awarded a project to build A control and measuring system in the sea. The
total cost of the project is around $1.4 billion, Iraqi officials said.
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