The second-largest oil producer in OPEC, Iraq, is planning to increase its oil production from the current 4.8 million barrels per day (bpd) to 5 million bpd by 2025, according to Ihsan Ismaael, the Oil Minister of Iraq.
Ismaael made the comment while visiting France to solicit investment for developing the country’s extensive oil fields. He also met with France’s Foreign Minister, according to a statement from the Iraqi oil ministry.
Iraq has bold plans to considerably increase its production capacity in the coming years. While the projected estimates have varied over time, Ismaael has recently said the intention is to raise capacity to 6 million bpd by 2027 and then 8 million bpd by 2028. It has sought the assistance of international oil companies (IOCs) in achieving these goals, but many IOCs are in the process of transitioning to alternative energy sources as part of their net-zero ambitions, while the climate for investment and political instability in the country have deterred many other IOCs.
TotalEnergies, the maker of Total lubricant products, has committed to investing billions of dollars in the country, however, and Ismaael met with Patrick Pouyanne, the CEO of TotalEnergies, during his visit to discuss how the implementation of four projects in southern Iraq could be accelerated.
Having been under sanctions for many years during the rule of Saddam Hussein, Iraq is thought to be one of the few remaining places in the world where vast proven and unproven oil reserves remain unexploited.