The Basra Oil Company (BOC) reportedly plans to increase production from 3.2 to 5 million barrels per day over the next seven years.
According to source, BOC director Ihsan Ismaael told the CWC Basra conference in Istanbul that the increased production would be sustained for at least 20 years after that.
Among the projects being considered are three new subsea pipelines replacing the old pipelines leading to the Khor al-Amaya Oil Terminal (KAAOT) and the al-Basra Oil Terminal (ABOT), adding up to 3 million bpd of new export capacity.
ABOT is currently operating at just under half its capacity of 3.5 million bpd due to the risk of pipeline rupture, while the 350k-bpd KAAOT (pictured) has been offline because of oil leaks when the pipeline is pressurised high enough for loading to be economical.
New pipelines and storage pumping at the Fao terminal would also allow the four installed single point mooring buoys (SPMs) to reach their capacity of 900,000 bpd each up from about half that now and potentially add a fifth SPM.