Sign In / Up

Add contribution as a guest

Your email will not be displayed publicly
Benefit of signing in/signing up to personalize comment

Comment as a guest

Your email will not be displayed publicly
Benefit of signing in/signing up to personalize comment

Login

Not a member Register   Forgot Password
or connect using
 

Email

 

Rudaw

Business

Iraq drills first oil well in Huwaiza field near Iranian border

By Rudaw 9/7/2017
Iraqi oil officials and Chinese businessmen from PetroChina cut the ribbon in a cermony celebrating the drilling of an oil well in Huwaiza in southeastern Iraq. Photo: Iraqi oil ministry
Iraqi oil officials and Chinese businessmen from PetroChina cut the ribbon in a cermony celebrating the drilling of an oil well in Huwaiza in southeastern Iraq. Photo: Iraqi oil ministry
ERBIL, Kurdistan Region – Iraq started drilling the first oil well in the Huwaiza oil field in southeastern Iraq. The oil ministry believes it may contain at least 1 billion barrels in reserves.

Iraq’s Oil Minister Jabbar al-Luaibi announced today that they began drilling the first well at the Huwaiza oil field in the town Halfaya near the Iranian border.

Iraq seeks to increase its oil production from 4.7 million barrels per day (bpd) currently to 5 million bpd by the end of this year, according to Reuters.

The Halfaya project will be operated by PetroChina and aims to increase its capacity to 400,000 bpd by 2018, according to the ministry.

Huwaiza oil field is being developed by Iraq’s state-run Maysan Oil Company which oversees the oil and natural gas industry in Maysan province in southeastern Iraq.

Iraq is the second largest oil producer, following Saudi Arabia, out of 14 oil producing members of the Organization of the Petroleum Exporting Countries (OPEC).

OPEC member states agreed in May to continue cutting oil outputs for another nine months in what is seen as a bid to increase global prices.

Iraq and Iran posed the main obstacles to OPEC in reaching a deal for its last output cutting decision in December. Iran insisted that they needed to raise their output since Western sanctions had been lifted and Iraq had just begun increasing its production after years of stagnation.

With the December deal, Iraq had agreed to cut output for the first half of 2017 while Iran was allowed a slight increase in production.

Oil funds up to 95 percent of the country’s budget. The central government in stopped paying the Kurdistan Region its 17 percent of the budget share in 2014.

Be Part of Your Rudaw!

Share your stories, photos and videos with Rudaw, and quite possibly the world.

What You Say

Anthony | 2/23/2018 2:24:40 AM
As far as the USA is concerned they have lost a huge amount of trust in the eyes of the YPG/J Syrian Kurd's due to it's very tame almost silent...
Anthony | 2/23/2018 2:46:03 AM
@FAUthman I have seen you comment on many sites and I know you are a Turkish bot!To fix your lies and hopefully folk will understand that Afrin has...
Assad in Afrin: Possible ramifications of Damascus' deployment
| yesterday at 08:15 | (8)
Beltor | 2/22/2018 12:06:35 PM
There goes more Kurdish land. I thought turkish intervention would lose kurds soil in only Afrin. Looks like everythings gone in sheik maqsood. Talk...
kurd | 2/23/2018 2:21:27 AM
hooora, Rojawa kurds got their independence, these trolls of PKK who are happy for teh arrival of syrian and irani forces in afrin, are...
Syrian-regime loyalists enter Kurdish-held areas of Aleppo city
| yesterday at 01:54 | (2)
Outsider | 2/22/2018 9:13:42 PM
There may have arrived 100, max 200 shia militias in Afrin. And they will not really assist the YPG at the front but try to defend 2 Shia dominated...
Turan | 2/23/2018 12:16:00 AM
Everyone knows that the convoy was carrying terrorists and weapons hostile to Turkey. Since when 30 busses carry civilians middle of the night? they...
YPG deployed to Afrin, leaving Aleppo for Damascus
| 18 hours ago | (5)
Muraz Adzhoev | 2/22/2018 9:13:06 PM
What does “the administration of border crossings” mean in accordance with the Constitution? What about the border security and defense matters? How...
dilan | 2/22/2018 9:43:31 PM
customs falls under KRG control, otherwise anyone can smuggle out anything out of south kurdistan and KRG gets the blame.
Initial agreement exists for federal authority at Kurdistan borders
| 16 hours ago | (2)

Elsewhere on Rudaw

UN to vote on amended draft 'demanding' ceasefire in Syria 2 hours ago |

UN to vote on amended draft 'demanding' ceasefire in Syria

'demands' a ceasefire, instead of 'decides' more
In pictures: People raise Assad, Ocalan portraits side by side 3 hours ago |

In pictures: People raise Assad, Ocalan portraits side by side

Pro-Assad forces have arrived in waves more
McGurk in or out as special envoy to the anti-ISIS coalition? 4 hours ago |

McGurk in or out as special envoy to the anti-ISIS coalition?

“Brett McGurk isn't going anywhere more
0.469 seconds