KRGs oil production could easily reach 300,000 barrels per day, says minister

14/05/2012 16:01 ERBIL, May 14 (AKnews) - The Kurdistan Region's Minister of Natural Resources Ashti Hawrami revealed with confidence that the region's oil production capacity could easily reach 300,000 barrels per day (bpd).

In an interview with Iraq Oil Report Hawrami said annual income from that much oil and at today's prices could replace a lot of cash from Baghdad.

"The Kurdistan Regional Government (KRG) can grow oil and gas production quantities much higher than current production capacity," Hawrami added.
 
According to Hawrami, the KRG is currently fueling the refining sector with at least 100,000 bpd, which is generating some income and supplying the domestic market with fuel.

The region stopped exporting 175,000 bpd in March after a financial dispute with the Baghdad government.

The KRG decided to reduce its exports to 50,000 bpd and threatened to stop exports completely if Baghdad did not pay the dues of oil companies investing in the region. The total dues amounted to some $1.5bn (1.7tr IQD).

By Hemn Hadi

DM/AKnews