Iraq is in talks with foreign oil companies to cut planned production rates

Engaged in Iraq in talks with several foreign oil companies in order to reduce the long-term production rates planned for years, as reported by Iraqi Deputy Prime Minister for Energy Affairs.

AFP - BAGHDAD (AFP) - engaged in Iraq in talks with several foreign oil companies in order to reduce the long-term production rates planned for years, as reported by Iraqi Deputy Prime Minister for Energy Affairs.

Hussain al-Shahristani said in an exclusive interview with AFP at his office located in the heavily fortified Green Zone in Baghdad, "We have reviewed the production plans for all fields."

He added that "some of which have been agreed and ended up working out, and some of the other remains in talks," noting that the scientific review include all contracts that were awarded in 2009.

Iraq is seeking through a step lower production rates to pump oil over a longer period of time than those offered by his previously planned production rates, according to al-Shahristani.

Although Iraq will have according to this scenario, the ability to produce about nine million barrels a day, al-Shahristani said the daily production of between five and six million barrels "will provide sufficient revenue to meet our needs."

I hope former oil minister that remains price of a barrel of oil, which currently stands at about $ 92, when the level of $ 90, noting that if prices fell to below that, "we will have to reconsider Bmoisntna, but we do not expect a similar reduction."

The results in Iraq, which has proven oil reserves estimated at 143 billion barrels, the third largest reserves in the world, more than 3.4 million barrels per day, and the issue of which about 2.6 million barrels.

Baghdad plans for a significant increase in export rates in the near future, while indicating the International Atomic Energy Agency that Iraq's oil revenues could reach nearly five trillion dollars by the year 2035, and the country will become the largest financier of oil in the world over the years.

The Iraqi Oil Minister Abdul Karim and coffee announced in March / last March that his country plans to invest about $ 175 billion in the oil sector over the next five years until it reaches its production to nine million barrels per day.

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