(MENAFN) The Iraqi deputy prime minister for energy stated that major oil companies are set to spend USD25 billion in Iraq's oilfields, The Peninsula Qatar reported.
The country's southern oil fields are expected to produce an additional 500,000 barrels per day (bpd) next year with total production for this year estimated to be at an average of 3 million bpd.
Although the crisis in Syria is starting to cast its shadow on Iraq, the southern oil fields in Iraq are relatively away from harm's way.
"The security situation has not affected the oilfields in the south and central Iraq and we haven't noticed any hesitation or slowdown in investment by the companies," deputy prime minister said.
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