BAGHDAD, July 19 (UPI) -- International oil companies at an oil symposium in Iraq during the weekend outlined plans to increase oil production, though skeptics are concerned.
Iraq in 2009 awarded 11 deals to international oil companies in two separate bidding rounds giving Baghdad confidence to say it could one day rival Saudi Arabia in terms of oil production.
Iraq through the deals awarded in 2009 could boost oil production by more than 8 million barrels per day by 2017 if all contracts proceed as planned.
Russian oil company Lukoil during the weekend symposium said it plans to invest $5 billion to develop the giant West Qurna-2 field in southern Iraq, The Wall Street Journal reports.
Eni, the Italian energy company, said its plans in Iraq include drilling more than 100 wells in the Zubair oil field as early as next month.
Meanwhile, a consortium led by British oil company BP and China National Petroleum Corp. said it could increase production at the giant Rumaila field by 100,000 bpd by next year.
Years of mismanagement and crippling sanctions, however, means international companies will need to invest massive funds into Iraq in order to meet their objective, the Journal adds.
Several international companies started their work in Iraq already but most admit there are several logistical hurdles ahead, the Journal said.
