Dinar Iraq News
KRGs oil production could easily reach 300,000 barrels per day, says minister
14/05/2012 16:01
ERBIL, May 14 (AKnews) - The Kurdistan Region's Minister of
Natural Resources Ashti Hawrami revealed with confidence that the
region's oil production capacity could easily reach 300,000 barrels per
day (bpd).
In an interview with
Iraq Oil Report Hawrami said annual income from that much oil and at today's prices could replace a lot of cash from Baghdad.
"The
Kurdistan Regional Government (KRG) can grow oil and gas production
quantities much higher than current production capacity," Hawrami added.
According to Hawrami, the KRG is currently fueling the
refining sector with at least 100,000 bpd, which is generating some
income and supplying the domestic market with fuel.
The region stopped exporting 175,000 bpd in March after a financial dispute with the Baghdad government.
The
KRG decided to reduce its exports to 50,000 bpd and threatened to stop
exports completely if Baghdad did not pay the dues of oil companies
investing in the region. The total dues amounted to some $1.5bn (1.7tr
IQD).
By Hemn Hadi
DM/AKnews
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