The Iraqi Ministry for Energy Affairs and Oil plans to increase oil production to 6 mb/d in five years by accelerating hydrocarbon projects with an emphasis on crude oil production, refining, gas and renewable energy. According to the five-year plan, the bolstered projects should boost Iraq’s crude output allowing Iraq to stop importing refined products and achieve self-sufficiency. So far, Iraq’s crude oil output is of about 1 Mb/d, and the gas projects awarded over the past two years to global giants would add nearly 2 mcf/d.
Iraq, which produced 220 Mt (4.5 mb/d) of crude oil and NGL in 2022 (+10% compared to 2021), has total proved oil reserves standing at 19,730 Mt (144 Gbl); most of those reserves are associated with crude oil reserves and only 20% are not. The gas reserves are estimated at 3 715 bcm (end of 2022) and Iraq produced approximately 10 bcm of gas in 2022 (+3% compared to 2021). Iraq, which is an OPEC member, has agreed to cap its crude oil production to less than 222 Mt (4.4 mb/d) in 2023.
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