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Iraq completes crude oil export pipeline

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World Pipelines,

Reuters reports that Iraq has completed the construction of a pipeline that will boost its crude oil exports from southern ports – Oil Minister Jabar al-Luaibi said yesterday.

The 11.6 km pipeline has an export capacity of 1.5 million bpd, and will carry oil from storage to export terminals on the Gulf.

Luaibi also announced the completion of a pipeline to inject water into oilfields in order to enhance their recovery.

The government last week approved a plan to raise Iraq’s crude oil output capacity to 6.5 million bpd by 2022.

Iraq is producing more than 4.4 million bpd in line with an agreement between the 14 member Organisation of the Petroleum Exporting Countries (OPEC) and other exporters including Russia to cut supply to boost oil prices.

OPEC’s second-largest producer, after Saudi Arabia, Iraq plans to award oil and gas exploration and development contracts in 11 new blocks on 15 April.

The Iraqi government depends on the sector for more than 90% of its income.

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