Iraq approves huge budget to develop third largest field in the world

Iraq has approved an investment budget of around $ 1.15 billion for the year 2021 to develop the giant Majnoon oil field in the south of the country, an Iraqi oil industry executive said on Thursday.

Diaa Shaker, manager of the Majnoon field, told “Reuters” in an interview with the field in the south of the country near Basra, that Iraq plans to increase the production of the oil field to 450,000 barrels per year. day versus 130,000 barrels per day. currently within three years.

The Majnoon field in southern Iraq is the third largest oil field in the world, and its reserves estimated by the Iraqi oil ministry are 12.6 billion barrels.

Source: Reuters

Follow RT on