Baghdad is still expecting exports from southern Iraq to rise to 4 million barrels a day by the end of 2016 even as investment at large upstream projects is slashed, according to an advisor to the prime ministers office.
We arent telling oil companies to stop investment were telling them that investment must be minimised, said Abdulilah al-Amir speaking to MEED in Dubai. We are still confident that exports to hit the 4 million b/d target by the end of the year.
Southern Iraq is currently exporting around 3.25 million b/d and nenegotiations with international oil companies (IOCs) are ongoing, according to Al-Amir.
If there is no investment then the fields operated by these companies will see production decline. We want to prevent this from happening, said Al-Amir.
Currently the future of planned oilfield development projects in southern Iraq is uncertain.
Both projects are currently on-hold as negotiations continue.