Iraq has increased the daily production of its Zubair field by 50,000 barrels to reach 475,000 barrels per day (b/d), Reuters reported.
Production increased following the completion of a new oil processing facility. Three more processing plants will be constructed in the future as part of a long-term plan to increase the capacity of the Eni-operated field to 625,000 b/d.
Iraq has a total production capacity of nearly 5 million b/d, making it the second largest OPEC member behind Saudi Arabia.
In related news, Iraqi officials have set June 14 as the deadline for investors to bid for the 100,000 b/d Kut refinery, Reuters reported.
The refinery is one of several crude processing projects being established in Iraq as part of the country’s plan to achieve oil self-sufficiency.