Some interesting information in
this article by Reuters via Rigzone:
Iraq
signed revised contracts with foreign oil companies for two southern
oilfields on Thursday that reduced their production targets and extended
the life of the deals, Iraqi oil officials said.
The revised deal with oil major BP for Iraq's giant Rumaila oilfield cut
the planned plateau level to 2.1 million barrels per day from 2.85
million bpd.
Iraq also agreed with China's CNPC to slash the final output target from
the Halfaya oilfield to 400,000 bpd from 535,000 bpd.
Iraq had set an overall production capacity target of 12 million bpd by
2020, which would rival that of top oil exporter Saudi Arabia, after it
signed service contracts in 2009-2010 to develop its southern oilfields.
But
crumbling infrastructure, red tape and a lack of clear oil legislation
have stunted investor interest. Iraq has repeatedly failed to reach its
ambitious targets, and current output from the southern fields is around
3 million bpd.
Baghdad has reduced the overall capacity target to 8.5-9 million bpd and
returned to the negotiating table to discuss revised plateau production
rates with oil companies.
Does this really surprise anyone?
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