(MENAFN) Iraqi Kurdistan's oil producers said that they have not changed their plans to increase their capacity by 74 percent to 400,000 barrels a day this year at its Kurdish Taq Taq and Tawke fields despite the continuous plunge in global oil prices, Arab News reported.
"The operational side of the business remains very resilient and very strong and we maintain our production increase targets. Even at USD50 a barrel we are looking at revenue of USD350 million to USD400 million," Genel Energy, one of the firms working on those fields, said through its Chief Financial Officer.
These sentiments were also expressed by other companies working in the semi -autonomous region like Gulf Keystone Petroleum, which said that it raised output by 60 percent to 40.000 barrels a day and expects to reach 70.000 barrels a day in 2017.
The increase in Iraq's Kurdish region happened after it signed an agreement at the end of last year with the central government in Baghdad that resolved the feud over who had the right to export crude from the semi-autonomous area, and resulted in allowing for as much as 550.000 barrels a day to be shipped through Turkey from northern Iraq, including 250.000 a day from the Kurdish region.
Iraq, the world's fifth-largest crude reserves, has been pumping oil at a record pace and said that it will continue to boost exports this year despite the market being oversupplied by an estimated 2 million barrels a day that resulted in oil prices dropping below USD50 a barrel this month from USD115 in June.
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