Iraq Launches Five-Year Plan to Increase Oil and Gas Production by 2029

The Iraqi Ministry of Oil announced on Sunday, March 23, plans to increase oil production capacity to more than six million barrels per day by 2029, as part of a five-year plan aimed at developing the oil and gas sectors.

Iraqi News Agency (INA) reported that the ministry is relying on projects across various provinces, based on exploratory activities and drilling and production campaigns carried out under the six licensing rounds.

Bassem Mohammad Khudair, Deputy Minister of Oil, explained that some of the key current projects include the integrated gas development project at the Artawi field in southern Iraq, along with a project to develop four strategic fields in Kirkuk. He added that the ministry has reached an agreement with BP, the British oil company, regarding these fields, with the contract expected to be signed in the coming days.

Khudair also mentioned that national companies are now responsible for about 70% of operational activities in the extraction sector.