Finance

SOC: Production growth next year after second licensing contracts

Monday, February 8th 2010 3:27 PM
 


Basra Feb. 8 (AKnews)- Director of the Iraqi Southern Oil Company SOC Dia Jafar has said today 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 have 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.
Aa/Nn (AKnews)
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