"If there are many like that, the oil issue can be settled."
The country’s black gold resource operator, Petroliam Nasional Bhd (Petronas) allowed its subsidiary company, Petronas Carigali Iraq Holding B.V. (PCIHBV) to increase crude oil production capacity at the Garraf oil field, Iraq.
According to Petronas, PCIHBV has obtained approval from local authorities to increase production capacity at the Garraf oil field from 100,000 barrels per day to 130,000 barrels per day by the 3rd quarter of 2022.
It is an impressive achievement in the company 's efforts to realize its production target of 230,000 barrels per day by 2024.
A statement made by Petronas on the company's official Facebook page stated that the Garraf oil field is currently capable of producing around 100,000 barrels a day.
To achieve the set target, PCIHBV was informed that it has provided a 30 kbopd (thousand barrels of oil per day) leased oil train facility (LOT) which is capable of increasing production capacity to 130,000 barrels per day.
Meanwhile, Petronas also had the opportunity to express its gratitude to its strong partners including Japan Petroleum Exploration Co Ltd and North Oil Co as well as the continued support from the Iraqi Ministry of Oil and Thi Qar Oil Co. in realizing that achievement.
It is understood that Petronas' main goal is to increase production at the Garraf oil field to a higher level by 2022, further opening a new chapter to realize its plateau production target of 230 kbopd by 2024.
For information, PCIHBV has been operating in Iraq since 2010 operating 3 oil fields, namely Garraf, Halfaya and Badra.
