Iraq’s Oil Minister Ihsan Abdul-Jabbar Ismail has confirmed that there is a plan to increase oil production from the Majnoon oil field.
He added that the oil field is one of the projects that support the future energy industry and the national economy.
Ismail was speaking to local reporters at a ceremony held at the Majnoon field in the Basra governorate to lay the cornerstone for the sour gas investment project.
He inaugurated two buildings of the Majnoon Oil Field Production and Development Authority, and electronic control in the field, which is said to be equipped with the latest devices, equipment, and software to follow up and monitor production.
He said that the ministry aims to increase oil production in Majnoon field to 450,000 barrels per day, and that its development during three years and six months of work was a “great achievement.”
Ismail noted that “the success of the national effort in implementing its commitment to the Iraqi government to reach production capacities, and reduce costs by 30 percent.”
He stressed that “Iraq aims to reach the peak production,” noting: “Due to the imposing of production restrictions, the strategy was changed to produce light oil to achieve financial revenues for the state treasury.”
The Majnoon field provides good quantities of gas fuel for the uses of operating electricity power plants, and other industries related to clean fuel, as well as the production of liquid gas and condensate, said the minister.
Director of Majnoon Oil Field Authority, Diaa Al-Luaibi, said, “The field development operations come in accordance with the plans and program of the ministry and the Basra Oil Company.”