Iraq has drawn up plans to accelerate hydrocarbon projects in 2024, with an emphasis on crude oil production, refining, gas and renewable energy, its Oil Minister has said.

Hayan Abdel Ghani told a meeting of local oil operators that crude projects would lift oil production capacity to a record six million barrels per day (mbpd).

“There is a plan this year to step up and accelerate the implementation of strategic projects, covering oil production and extraction, refining, gas, renewable and infrastructure,” the Minister said in his remarks, published by the official news agency INA on Thursday.

Ghani said oilfield development projects would boost Iraq’s crude output by more than one mbpd while gas projects awarded over the past two years to global giants would add nearly two million cubic feet per day.

He said refining expansions have largely boosted Iraq’s production capacity, adding that new projects would allow the OPEC member to completely halt imports of refined products.
Source: Reuters (Writing by Nadim Kawach; Editing by Anoop Menon)