By OGJ editors
HOUSTON, Sept.16 -- Iraq's Oil Minister Ibrahim Bahr Al Oloum said Iraq would produce 3.1 million b/d of oil in 2004 as the oil ministry implements its ambitious development plan, reported OPEC News Agency. He also said 30 of Iraq's 45 oil fields need to be developed.
In an interview published Sunday in the 'Al Hayat' newspaper, Al Oloum said the oil ministry would rehabilitate Rumaila field in southern Iraq and Kirkuk and Zubair fields in northern Iraq.
"Our plan will help us to restore prewar production levels by next year," he said, noting that an investment of more than $1.5 billion would be needed for restoration in those fields. The US and other donor countries would provide funding. They will meet in Madrid next month to discuss the reconstruction, he said.
Plans also call for developing the country's ailing refining sector to reduce the amount of oil products the country imports.
On Iraq's quota within OPEC, the minister said: "Iraq's prewar quota was similar to that of Iran's, i.e., 3.1 million b/d.
"However, our production capacity cannot reach this level now, hence there is no problem with our quota at present. We are looking forward to be able to [produce] our full quota in the future," he added.
