April 11, 2018 / 4:34 PM / 2 years ago

Iraq completes southern crude oil export pipeline

BAGHDAD (Reuters) - Iraq has completed the construction of a pipeline that will boost its crude oil exports from southern ports, Oil Minister Jabar al-Luaibi said on Wednesday.

The 11.6 kilometer (7.21 mile) pipeline has an export capacity of 1.5 million barrels per day (bpd), he said in a statement, and will carry oil from storage to export terminals on the Gulf.

Luaibi also announced the completion of a pipeline to inject water into oilfields in order to enhance their recovery.

The government last week approved a plan to raise Iraq’s crude oil output capacity to 6.5 million bpd by 2022.

Iraq is producing more than 4.4 million bpd in line with an agreement between the 14-member Organization of the Petroleum Exporting Countries and other exporters including Russia to cut supply to boost oil prices.

OPEC’s second-largest producer, after Saudi Arabia, Iraq plans to award oil and gas exploration and development contracts in 11 new blocks on April 15.

The Iraqi government depends on the sector for more than 90 percent of its income.

Reporting by Ahmed Aboulenein, editing by David Evans

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