Expert says Iraq's oil output plans are 'improbable'

14 October 2010

Big capacity projections by Iraq are improbable says oil expert

Peter Wells, the non-executive director of Neftex Petroleum Consultants, has said that big capacity projections by Iraq are improbable and that it will take many years for the country to turn its vast resources into extra oil production, Reuters has reported. “Projections for investment in drilling are well in excess of capability in the medium term and (a) rapid-build up is not needed,” he said. Iraq said last month it could raise oil output to 4 million bpd by 2013 and that it has signed contracts with foreign companies to increase capacity to 12 million bpd within seven years.

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