Iraq plans to install three new subsea oil pipelines and four new floating oil terminals by 2011 to raise export capacity.
Iraq’s national oil company South Oil Company (Soc) said it hopes to raise production from 1.9 million bpd to 8 million bpd. SOC’s chief Dhiya Jaafar told Reuters the new pipelines and terminals should be completed in the second half of 2011.
“There is a plan ready and it is under execution to establish four floating platforms and three new undersea pipes… (We aim) to finish this work in the second half of 2011,” Jaafar said.
The pipelines and terminals will be erected at China National Petroleum Corporation (CNPC) and BP‘s Rumaila oil field in southern Iraq. A contract has been finalised with CNPC and BP for development of the field, which has a current output of 1.05 million bpd.
A major portion of the Iraq’s oil reserves is currently pumped through the Khor al-Amaya and Al-Basra offshore oil terminals.