The Iraqi Deputy Minister of Oil, Fayyad Al-Numa has announced that they have partnered with ExxonMobil Corp and Petrochina to develop two oil fields in southern Iraq that will produce 550,000 barrels of oil per day.
Exxon and Petrochina have put previous plans to develop Artawi and Nahran Omar oil fields on hold as Iraq is trying to keep output at 4.8 million barrels per day until the end of the year. Currently those two fields are producing 70,000 bpd. The project to further develop these two fields will resume in six months as stated by Al-Numa.
With the fifth largest oil reserves, Iraq has planned to increase oil production in the south with geopolitical problems affecting the north’s oil output. Iraq saw an increase of 32 percent in oil production with 4.3 million bpd, from last June 2014.