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MENAFN - Kuwait News Agency (KUNA) - 11/10/2012

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(MENAFN - Kuwait News Agency (KUNA)) Deputy Prime Minister for Energy Hussein Shahristani said on Wednesday that Iraq aims to produce 5-6 million barrels of oil per day (bpd) by 2015, with a view to reaching a target of 9-10 million bpd by 2020.

Current production was 3.4 million bpd, he added.

At a press conference, Shahristani added he expected spending in the more distant future to rise to more than USD 500 billion by 2020.

Iraq's expansion of its oil industry will let the government nearly double spending over the next three years.

The Iraqi parliament approved a budget of USD 100 billion for 2012 in February, based on an average oil price of USD 85 per barrel and 2.6 million bpd in exports.

 






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