Iraq is in discussion with two oil firms regarding the development of fields in the south of the country.
Exxon Mobil and Petrochina are both in discussion with the Iraqi government about possible solutions to boost production at the Nahran Oman and Artawi fields, according to the country’s deputy oil minister Fayyad Al-Nima.
Al Nima hopes that the two fields could increase their production to 550,000 barrels per day, which would help to keep overall Iraqi production at around 4.6 million barrels per day in 2016.
One of OPEC’s top producers, Iraq is currently pumping around 4.78 million barrels per day. Despite falling oil prices and a global supply glut, OPEC ,members are keen to maintain their high production levels in a bid to defend their market share against non-OPEC competitors. In June, OPEC producers pumped their highest volumes for 8 years as OPEC production rose by 400,000 barrels per day.