Iraq establishes new state oil company
Midland Oil Company will have working capital of $85m
Iraq’s council of ministers has approved proposals by the oil ministry for the establishment of a new state-owned oil company to oversee developments in central Iraq.
The Midland Oil Company will have a working capital of ID100bn ($85m), oil ministry spokesman Ali al-Dabbagh said in a statement to Aswat al-Iraq news agency, after a cabinet meeting on 13 April.
Iraq currently has three oil companies; the North, South and Maysan oil companies, which are overseeing the 10 oil fields awarded to international oil companies in 2009 and tasked with boosting production to 12 million barrels a day (b/d) by 2020. The country produced 2.4 million b/d in 2008 and Baghdad plans to boost production by 4.7 million b/d by 2016.
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