Iraq Development Program - Iraq to up Majnoon output to 100,000 bpd in December

Iraq to up Majnoon output to 100,000 bpd in December (23/11/07) Iraq will increase crude oil production from the giant Majnoon oil field in the south of the country to 100,000 barrels a day at the end of this year, the Iraqi Oil Ministry said in a statement.

		Production from the field, located near the border with Iran, currently stands at 50,000 barrels a day, the statement said. It said production would be increased as a result of importing new equipment, controlling systems, pipelines, electrical devices and various other purchases. It didn't say, however, how much these imports would cost the ministry which is financing the project.
Oil giants Total SA (TOT) and Chevron Corp. (CVX) have recently submitted to the Iraqi Oil Ministry a study on the development of Majnoon, the ministry said in a statement last month. The two companies have started preparatory work on the development of hydrocarbons from Majnoon. Total and Chevron signed an agreement last year over Majnoon which has estimated total reserves in place of 12 billion barrels. Foreign oil companies certainly won't begin working in Iraq until security improves in the country, but many will look to quickly finalize deals once the Iraqi government announces tenders to develop oil fields. Iraq's Oil Minister Hussein al-Shahristani said last week Iraq is currently producing 2.5 million barrels a day and exporting some 1.9 million barrels a day. Source: CNN Money

Iraq to up Majnoon output to 100,000 bpd in December (23/11/07)