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You are here:  Home / Energy Resources / KRG: 1M barrels of Iraq oil by 2012

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KRG: 1M barrels of Iraq oil by 2012

Published: Nov. 27, 2007 at 9:37 AM
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WASHINGTON, Nov. 27 (UPI) -- Iraq's Kurdish region plans on producing 1 million barrels -- nearly half of Iraq's total production today -- in five years, the region's oil minister said.

"Bear in mind all exploration takes three to five years before we get to a point that we potentially export," said Ashti Hawrami, natural resources minister of the Kurdistan Regional Government.

Speaking with United Press International at the start of his visit to the United States, Hawrami said the controversial exploration and production deals the KRG has signed has it on track to contribute to Iraq's oil sector.

"Our focus for all of this activity will be around 1 million barrels a day in five years' time," Hawrami said. "This is all new oil that Iraq never had and the way the Oil Ministry in Baghdad is going it never would have had. So we're doing a big favor for the Iraqi people."

Baghdad says the KRG is acting unilaterally by signing its own oil deals -- let alone implementing its own oil law -- while a national law governing the oil sector is stuck and consensus as to the contracting rights has not been reached.

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