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19 November 2017 07:07 (South Africa)

Iraq has even more oil than everyone thought

Iraq's oil minister Hussein al-Shahristani says the country’s oil capacity could reach 12 million barrels a day (bpd) in six years. Shahristani said producers might not reach full capacity, but would take demand into account. Saudi Arabia, the world's largest oil exporter, has a capacity of 12.5m bpd. Earlier, a joint bid by Russian and Norwegian oil firms won the contract for the supergiant West Qurna field, with reserves of some 13 billion barrels. Then, on Friday, the right to develop the 12.6 billion-barrel Majnoon field in southern Iraq was won by a consortium led by Shell. It also pledged to increase daily production to 1.8 million barrels, up from only 46,000. Rights for the eastern Halfaya field, with 4.1 bill on barrels of reserves, have gone to Chinese state oil company, CNPC. For more, read the BBC

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