Shafaq News/ Oil production from the North Oil Company (NOC) in Kirkuk governorate has increased to over 360,000 barrels per day (bpd), a source within the company reported on Friday.
The source told Shafaq News Agency that the company aims to boost production to 400,000 bpd by the end of this year. "This increase is expected following the development and rehabilitation of several oil wells in NOC-affiliated fields by the Iraqi Drilling Company."
Currently, the production is divided with 150,000 bpd supplied to government refineries in Baiji and Dora, while another 100,000 bpd is designated for other refineries specified by the Ministry of Oil. The remainder is managed according to the company's requirements, the source added.
The North Oil Company plans to incorporate newly developed wells into the overall production, boosting the current output of 360,000 bpd.
Oil expert Ali Khalil highlighted that the current production level of 360,000 bpd represents a medium level for the company. "The actual production capacity can exceed 750,000 bpd, indicating that the current production is about 50% of the company's potential," Khalil told Shafaq News Agency.
Khalil pointed out the need for the Ministry of Oil to focus on the public sector, including the North Oil Company, and to allocate development budgets to enhance production, noting that from 2009 to 2013, the company exported between 500,000 and 750,000 bpd through the Turkish port of Ceyhan.
"The halt in exports from the Kirkuk fields to the Ceyhan port has hindered the North Oil Company from increasing its overall crude oil production and developing its infrastructure… several facilities require upgrades, which would reflect positively on the company's output and contribute to increased revenue for Iraq's state treasury.” He said.