Iraq is aiming to ramp up production at its Majnoon oilfield to 450,000 barrels per day (bpd) in three years, up from 240,000 bpd presently, according to Reuters citing an Iraqi oil executive.
The Basra Oil Company, which is owned by the Iraqi government, is evaluating proposals from three oilfield services companies to build a new production platform to boost output at the site in southern Iraq. Basra Oil is taking over operations at Majnoon from Royal Dutch Shell, which announced its intention to exit the field by the end of June 2018. Majnoon came on stream in 2014.
Iraqi oil minister Jabar Al Luaibi stated late last year that Chevron, Total and PetroChina may form a consortium to eventually take over the development of the field.
Iraq's maximum, full capacity output is close to 5mn bpd.