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Message: Oil Production Could Double in Iraq without War

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Oil Production Could Double in Iraq without War

posted on May 09, 07 12:36PM

The American analytical company IHS Energy has estimated that oil production in Iraq could double to 4 million barrels per day, if the violence there ceases. Facilities there would also need modernization. The company estimated the country's oil reserves at 116 billion barrels, plus about 100 billion barrels in the west of the country. Militants are very active in that part of the country and inhabitants are afraid to produce oil.

Iraq has the world's third largest oil reserves. Billions of dollars of foreign investment will be necessary to restore the country's war-ravaged economy. Iran announced it intentions of investing $1 billion in Iraq on May 2. It plans to concentrate on oil and electricity production.

Since the American invasion of the country in May 2003, oil production in Iraq has been severely reduced. Before the war, Iraq produced just under 3 million barrels per day and exported 2 million barrels per day. Since the war began, it has been producing 2 million barrels and exporting 1.5 million barrels per day.

A five-year plan to restore the Iraqi economy was introduced in the UN in March. Under it, oil production will be raised to 3.5 million barrels per day by 2011, allowing it to double exports. The plan also foresees the production of 700,000 barrels of petroleum products in Iraq by 2011.