BP Sees Iraq Oil Output at Half Target By 2020

Source: Reuters 6/8/2011, Location: Middle East

The chief executive of BP, a major foreign player in Iraq's oil industry, said the country's output is likely to be only half the government's official target at the end of this decade, due to infrastructure problems.

"Five to six million barrels per day is maybe a more realistic level," Bob Dudley said at a presentation in London. Iraq's official target is 12 million barrels per day in around six years, although the oil minister said on Tuesday the country could cut this.

Dudley said a recent visit to Iraq had shown him how much needed to be done to boost infrastructure, such as water and power supplies.

Executives at other foreign oil companies operating in Iraq have also said privately they believe the official target is much too optimistic.

Dudley said Iraq was currently producing 2.5 million barrels per day and that 1.3 million barrels per day was coming from the Rumaila oil field, which BP is developing.


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