The Iraqi government expects to raise production from the southern Majnoon oilfield near Basrah from the current 240,000 bbl/d to 290,000 bbl/d by the end of 2019 and then to 450,000 bbl/d by the end of 2021. In 2019, US$7bn will be invested for the development of five oil fields in the Basra region, of which 10% (US$700m) for the Majnoon field. Besides, it has also outlined plans to develop a new offshore oil export pipeline with a capacity to transport 700,000 bbl/d by the end of 2019.
The Majnoon oil field holds around 1.7 Gt of oil reserves and started production in 2014. Global oil and gas company Shell was the operator of Majnoon with a 45% stake but relinquished its stake in 2017.
Iraqi oil exports averaged 3.7 mb/d at the end of December 2018, including around 3.6 mb/d from southern oil fields. In line with the agreement signed between Russia and members of the Organization of the Petroleum Exporting Countries (OPEC), the country is currently producing below is maximum capacity of nearly 5 mb/d. However, the government expects to raise that production capacity in the years to come and in particular in the southern region.