By:Agbi

The project is being developed by state-backed Basra Oil Company and Oil Projects Company, and funded under the Iraq-China agreement, Shafaq News reported.

In August, the oil ministry proposed a pipeline to transport crude to the country’s central and southern regions.

The country’s oil production averages nearly four million barrels per day (bpd), Reuters reported, citing government officials.

Iraq, the second-largest producer in Opec, plans to increase its crude output to 6 million bpd by 2028, state-owned Iraqi News Agency (INA) reported in September, citing deputy minister for extraction affairs Basim Khudair.

In early 2024, Iraq awarded several oil and gas concession sites to 22 global companies.

A report in October by the official Iraqi Al Sabaah newspaper said the country is planning to offer fresh oil and gas concession sites in 2025.

Iraqi oil minister Hayan Abdel Ghani said in September the new projects would add nearly 3.459 billion cubic feet of gas per day and boost the country’s recoverable oil deposits to 160 billion barrels from around 145 billion.