The Iraqi Oil Ministry reiterated that the country was still on track to achieve a crude oil production target of 6.5 million bpd by 2014 despite a recent IMF report arguing that Iraq will see a lower output rise because of infrastructure challenges.
Exploration & Production
Lukoil to start oil production in Iraq by 2013
Lukoil which develops Iraqs West Qurna phase-2 oil field expects to begin production in 2013.
MB Group looking to acquire oil assets
MB Group invested around US$240-US$250mn last year in order to acquire new equipment for oil services companies and to enhance crude oil production of Petrogas.
US$2.6 billion pipeline awarded in Iran
Iran has issued contracts worth US$2.6 billion to Khatam Al-Anbia, a company controlled by the Revolutionary Guards.
LUKOIL looking to the Middle East to boost reserves
LUKOIL is looking into replacing its reserves over the medium term and is considering acquiring new assets to achieve this, including from the Middle East region.
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