Finance
Iraq oil to increase oil exports
Monday, February 8th 2010 7:44 PM
Basra Feb. 8 (AKnews)- Director of the Iraqi Southern Oil Company (SOC) Dia Jafar said Monday that the company is determined to implement a new project for the establishment of four single floats as well as three new offshore pipelines with a 45 mm diameter in the Arabian Gulf.
"This project will possibly increase oil exports through the oil ports and the floats to reach 8 million barrels a day", Jafar has stated to the Independent News Agency of Kurdistan on Monday.
"The operational procedures has started effectively through the completion of a marine scan for exploded and unexploded shells", he said. "Contracts were signed with companies to clean up the sea bottom from naval mines and shells remaining from previous wars."
He also outlined that "the location of the floats was determined and soil investigations were launched to study the topography of these areas"... The completion of this work is expected by mid 2011."
The Southern Oil Company produces one million and 800 thousand barrels per day: one million and 500 thousand barrels are exported, while 300 thousand barrels remain for local consumption. The production is expected to increase during next year after the signing of contracts in second licensing round.
ae/gs AKnews
Email this Article from AK NEWS.com Close
More news from Finance
International exhibitions for fashion and machinery in Erbil |
Read more | |
|
Thursday, March 11th 2010 1:29 PM |
||
Erbil, March .11(AKnews) - An official source from the Erbil International Fair said Thursday that two exhibitions will be opened in the international fair ground in Erbil city in...
- Economic expert: Kurds will face economic and political challenges in new Iraq
- Coyne Airways route into Iraq
- Exploratory oil well in Iraqi Kurdistan Region
- Iran gas production at rife
- Palestinian government to discuss Budget Bill today
- Invalid vote fined with thousands of Iraqi dinners
- Multi-million Iran-China drilling deal
- British PM: Iraq war funded properly
- Koreans plan to invest more in Iraq’s oil sector