Iraqi Oil Minister Basim Mohammed Khudair announced that the country's oil exports have reached 2 million barrels per day since the beginning of August.
Khudair said approximately 49 million barrels of oil were exported in July and that more than 85% of Iraq's budget depends on oil exports. The minister said the oil marketing company, Basra Oil Company and other organizations are continuing their work to increase export capacity.
Plans for new oil export routes
Khudair also provided information about projects aimed at enabling the use of different export routes. He said plans call for the construction of a pipeline extending from Basra to Fishkhabur in the north, as well as a pipeline between Haditha and Baniyas in Syria.
Khudair said the Basra-Fishkhabur pipeline would enable oil to be transported to refineries and increase exports through the port of Ceyhan in southern Türkiye. He added that Baniyas Port would also remain among the options.
The minister said the Basra-Fishkhabur project had previously been considered but could not be implemented because of financial conditions. He added that work to renew production and export infrastructure, increase financial revenues and develop employment would continue.
Gas facility commissioned at the Fişhayat field
The statements were made at the opening of a central gas processing facility at the Fişhayat oil field in southern Iraq. The facility has a daily capacity of 130 million standard cubic feet, while the field's oil production capacity is 100,000 barrels per day.
Khudair announced that the Oil Ministry aims to achieve self-sufficiency in gas production and increase production and export capacity.
The UAE-based UEĞ company has invested in the Fişhayat and Siba gas fields in southern Iraq, as well as in Block Faw, which is at the exploration stage. Initial exploration results at Faw indicated the presence of oil and gas, but no figure was provided for the potential reserve volume.
Iraq's oil reserves
Iraq's proven oil reserves are estimated at approximately 145 billion barrels. Iraq is among the world's leading oil producers and exporters.
