Iraq aims to install four new floating oil terminals and three new undersea oil pipelines that will boost export capacity to 8 million barrels per day from a current 1.9 million bpd, a top oil official said.
Dhiya Jaafar, current chief of Iraq’s South Oil Company (SOC), which oversees the bulk of exports from the country’s vast oil reserves, on Wednesday told reporters work should be completed on the new terminals and pipelines in the second half of 2011. “There is a plan ready and it is under execution to establish four floating platforms and three new undersea pipes and we aim to finish this work in the second half of 2011,” he said, adding this would boost capacity to 8 million bpd. (more…)