Oil Minister: Production cost in some areas may reach $20 per barrel

Oil Minister: Production cost in some areas may reach $20 per barrel

2-3-2025

Oil Minister - Production cost in some areas may reach 20 per barrelInformation/Baghdad…
Former Iraqi Oil Minister Abdul Jabbar Al-Luaibi confirmed that the cost of oil production in some areas of the country could reach $20 per barrel.

Al-Luaibi said in an interview followed by Al-Maalouma Agency that the costs “differ from one field and location to another, but on average, in some areas they reach four dollars per barrel, and in other areas they reach seven dollars.”

He explained that the cost “in Wasit, Al-Zubair and East Baghdad, where there are deep excavations and complex areas, may reach twenty dollars.”

Regarding the number of oil patches in Iraq and the size of investments, Al-Luaibi said that there are “about 520 geographical patches with oil evidence, but only 73 of them are currently invested in, and in fact not all of them are invested in accordance with investment plans.”

Yesterday, Sunday, the House of Representatives voted on the draft law amending the first law of the Federal General Budget Law for the fiscal years 2023, 2024, 2025, No. 13 of 2023, in a step that allows the resumption of the export of oil from the Kurdistan Region.

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