Tuesday, April 28, 2009

Oil: Iraq faces major decline in oil production

AME Info reports sources close to the Iraqi Oil Ministry told Meed that the country faces a sharp decline in oil production by up to 10% by December 2010, due to a lack of investment in infrastructure at some of its largest fields in the south of the country.

The sources said production of Iraq's South Oil Company is falling by 220,000 barrels a day as a result of deterioration in the productivity of its wells at fields including South and North Rumaila, West Qurna and Missan.
Published by Mike Hitchen, Mike Hitchen Consulting
Putting principles before profits