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Iraq to spend over $170bn on energy infrastructure by 2018
- Iraq: Sunday, March 17 - 2013 at 07:21
Iraqi oil minister Abdul Kareem Luaibi has said the government plans to invest $173bn in its energy infrastructure over the next five years in order to dramatically ramp up crude output, AFP has reported. The investment in upstream activities, refineries and to increase natural gas production will boost oil production to 9 million barrels of oil per day and bring in revenues of $600bn, Luaybi told a conference in the southern port city of Basra. Iraq currently produces around 3.15 million bpd, according to oil ministry spokesman Assem Jihad, of which around 2.5 million bpd is exported. The country has proven reserves of 143.1 billion barrels, among the highest figures in the world.
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