The source said the target was within reach “due to massive financial allocations” the government has made to the ministry.
He said the ministry will have access to $3 billion this year and that nearly 70% of the money will be spent on upgrading the industry’s upstream and downstream activities.
International media had quoted the ministry as saying that production had already reached 2.2 million barrels a day and that 1.5 million of it was earmarked for exports.
But the source said there was no way for Iraq to export 1.5 million barrels a day as maximum the southern terminals currently can handle was 1.1 million barrels daily.
He said exports from the northern fields to terminals in Turkey were negligible and would not resume on a regular basis without marked improvement in security conditions.
“If we can hike production to 2.25 million barrels a day by the end of 2006 that will be an achievement in itself,” the source said.
He said the ministry was confident of adding half a million barrels to the current daily output of 1.75 million “because we are certain this time that we are going to get all the money allocated for us.”
Previous years, he said, the ministry was not given the money needed to make the necessary investments.(Source) Ali Khaleel, Azzaman