Multi-billion dollar projects awarded over the past months will boost Iraq’s oil production capacity to nearly 6 million bpd in 2029, the Oil Ministry has said.

OPEC’s second largest producer currently pumps around 4 million bpd and its capacity is estimated at just over 4.5 million bpd.

“The Ministry is pushing ahead with a 5-year plan to expand capacity to 6 million bpd...this target will be achieved in 2029,” the Ministry said in week end statement.

It said the increase in capacity would come from projects awarded last year and in 2023 to develop the country’s oilfields.

A key project was awarded in 2024 to British Petroleum for the development of four oilfields in the Northern Kirkuk Governorate.

Officials said in February the Kirkuk project would add nearly 450,000 bpd to Iraq’s crude production and that BP would invest nearly $25 billion in the project.

Iraq controls the world’s 5th largest recoverable oil deposits of around 145 billion after those of Venezuela, Saudi Arabia, Canada and Iran.

(Editing by Anoop Menon)

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