Iraq targets oil production of 10 million barrels per day within 5 years
Agencies3 min read
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Iraqi Prime Minister Ali Al-Zaidi announced on Monday that his country aims to increase its oil production to 10 million barrels per day over the next five years, in parallel with expanding the investment of associated gas to achieve self-sufficiency.
This came during Al-Zaidi's meeting with the Chairman of the French company "TotalEnergies," Patrick Pouyanné, at his residence in the capital, Paris, as part of an official visit by the Iraqi Prime Minister to France, according to a statement by his media office.
According to the statement, the meeting addressed the strategic projects implemented by the company in Iraq, particularly in the gas sector.
Al-Zaidi pointed to "the government's plans prepared to expand the investment of associated gas to achieve self-sufficiency," in addition to increasing oil production over the next five years, which would enable Iraq to reach the level of 10 million barrels per day.
He also announced the commencement of expanding oil exploration areas in Iraq, which would enhance economic growth and support development plans, noting that preparations are underway to hold an international energy conference in Baghdad, without providing further details.
For his part, Pouyanné expressed the readiness of "TotalEnergies" to cooperate with Iraq in the fields of oil and energy.
Pouyanné said, according to the statement, that the company has oil investments in Iraq amounting to $12 billion, with plans to increase them in the future to $16 billion.
"TotalEnergies" is implementing the "Gas Growth Integrated Project" (GGIP) in southern Iraq, which includes 4 projects for investing in associated gas, developing the Artawi oil field, seawater treatment, and building a solar power plant to supply the Basra electricity grid, according to the company.
The value of the investment in the project is about $10 billion, and its shares are distributed as 45 percent for "TotalEnergies," 30 percent for the state-owned Basra Oil Company, and 25 percent for "QatarEnergy."
As an extension of the economic discussions during his visit to Paris, Al-Zaidi met with the Chairman of "Rothschild" bank, Edouard de Rothschild, and discussed with him ways to expand Iraq's cooperation with international and global banks, according to a separate statement by the Prime Minister's office.
The meeting addressed the government's work on developing the banking sector and raising Iraq's credit rating, in addition to plans to build a diversified economy.
The statement quoted Rothschild as emphasizing the importance of the investment opportunities available in Iraq and the areas in which international financial institutions can participate in development plans.
Al-Zaidi also met with the President of the Arab World Institute, Anne-Claire Legendre, and discussed with her the development of cultural and social relations between Iraq and France.
Legendre expressed, according to a statement by the Prime Minister's office, her readiness to hold an extensive cultural exhibition in Iraq to strengthen cultural and social ties between the two countries.
On Sunday, Al-Zaidi began an official visit to France at the invitation of President Emmanuel Macron, which, according to his office, focuses on strengthening bilateral relations and expanding partnerships in several fields, primarily energy, security, and the economy, in addition to discussing regional and international issues.
