A project to build a subsea pipeline in the Southern Iraqi oil hub of Basra will boost the Arab country’s crude exports to more than 5 million barrels per day (bpd) by 2025, the Director of state-run Basra Oil Company (BOC) was quoted on Tuesday as saying.

The pipeline will have a capacity of nearly 2 million bpd and is expected to be completed after 400 days, Bassim Shamkhani said.

In a statement published by the official Iraqi News Agency, Shamkhani said BOC is planning other projects to increase oil production in 2024, adding that Basra’s terminals currently have an export capacity of 3.5 million bpd.

In September 2023, the Iraqi cabinet had approved around $1.26 billion for the ‘Sealine 3’ project.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.