New Iraq Oil Minister Thamer Ghadhban has revealed that the country is close to completing a number of agreements with International companies to increase oil production and export capacity.
OPEC's second largest producer is seeking to increase production to 5 million barrels per day (bpd) in the coming year with exports targeted at 3.8 million bpd.
Meanwhile, targets are also in place for export capacity to reach up to 8.5 million bpd. The recent upgrade of the Kirkuk oil pipeline to Ceyhan in Turkey has an export capacity of 1 million bpd. In addition, the project to build a pipeline from Basra to Aqaba in Jordan will also have an export capacity of 1 million bpd. The remaining exports of 6.5 million bpd are planned to be delivered following production upgrades at Iraq's southern oil fields.
Ghadhban has also revealed that a deal with BP is close for oil production increases at oil fields in Kirkuk which are operated by the British oil major, with the deal considered "one of the top priorities"