CWC Group Iraq Petroleum 2011: Iraq Targets Oil Exports of 2.5 Million

Iraq Petroleum 2011 taking place from 12‐14 July 2011 at the Landmark Hotel, London will be essential in helping companies plan their strategy in Iraq and develop a full understanding of the upstream opportunities in addition to a focus on Kurdistan's natural resources and additional capacity comes on stream. End Quote

(1888PressRelease) June 28, 2011 - According to Bloomberg, The Oil Minister of Iraq Abdul Kareem al‐Luaibi stated Iraq is targeting year‐end crude exports of 2.5 million barrels a day compared to an average of 2.2 million barrels a day in the past five months at the OPEC meeting in Vienna. The country is currently conducting a study to recalculate oil production targets based on economic benefits, which could lead to Iraq extending the plateau period for projects to 12‐13 years. The Gulf state is producing 2.7 million barrels a day, Oil Minister Abdul Kareem al‐Luaibi said.

Iraq Petroleum 2011 taking place from 12‐14 July 2011 at the Landmark Hotel, London will be essential in helping companies planning their strategy in Iraq and develop a full understanding of the upstream opportunities in addition to a focus on Kurdistan's natural resources and additional capacity comes on stream.

The Iraqi government has given great support for the conference this year which gathers over 300 senior industry executives and government officials. Key government officials supporting Iraq Petroleum include H.E. Thamir Ghadhban, Chairman of the Advisory Commission to the PM of Iraq, H.E Ali Al Dabagh, Minister of State, Iraqi Government Spokesman, and many other government figures, while the Iraqi Parliament will be represented by: H.E. Haider Al Abadi and Dr. Adnan Al Jananbi and many other key Iraqi oil industry representatives.

Dr. Ali Al Dabagh, the Iraqi Government spokesman will be addressing the opening session and discuss the newly elected Iraqi government strategy and the best model of cooperation with oil and gas companies. Dr Haider Al Abadi the chairman of the treasury committee at the Iraqi parliament, will discuss how Iraq will establish long term development plans to further attract investment. Export capacity in southern Iraq is currently 1.75 million barrels a day, al‐Luaibi said. The country's total oil export revenue in May was $7.5 billion. The nation aims to increase export capacity by 1 million barrels a day by November, when it will open a single‐point mooring facility at Basra.

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