Iraq's Garraf oilfield seen producing 200,000 bpd in 2024 -Japex

Japan Petroleum Exploration Co

14/05/2024 13:22

TOKYO, May 14 (Reuters) - Iraq's Garraf oilfield is
expected to produce a record 200,000 barrels per day (bpd) this
year, equity partner Japan Petroleum Exploration  1662.T 
(Japex) said on Tuesday.
    "Garraf's production is currently at around 150,000 bpd and
is seen to grow to around 200,000 bpd this year," Japex
executive officer Yutaka Nishimura told an earnings news
conference.
    But when asked whether Iraq would be able to increase
production while OPEC+ is cutting production, he said: "It is
difficult to say for sure whether it will work as we intend or
not, since there are constraints."
    Iraq is committed to voluntary oil production cuts agreed by
the Organization of the Petroleum Exporting Countries (OPEC) and
is keen to cooperate with member countries on efforts to achieve
more stability in global oil markets, Iraq's oil minister told
the state news agency earlier this month.
    The minister's comments followed his earlier suggestion that
Iraq had made enough voluntary reductions and would not agree to
any additional cuts proposed by the wider OPEC+ producer group
at its meeting in early June.
    Garraf oilfield in southern Iraq, developed by Malaysia's
Petronas and Japex, started production in 2013. 
    It is 45% owned by Petronas, 30% by Japex Garraf and 25% by
Iraq's national oil firm North Oil Co. Japex holds a 55% stake
in Japex Garraf while state-owned Japan Organization for Metals
and Energy Security (JOGMEC) holds 35% and Mitsubishi Corp
 8058.T  owns 10%.

 (Reporting by Yuka Obayashi
Editing by Alexandra Hudson)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))