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JAPEX expects Al-Gharraf oilfield to produce 200,000 barrels per day in 2024

Baghdad (IraqiNews.com) – Japan’s hydrocarbon exploration, production, and transportation company, JAPEX, expected on Tuesday that the production of the Al-Gharraf oilfield in Iraq will reach 200,000 barrels per day in 2024.

During a press conference to announce the company’s financial results, Yutaka Nishimura, Director of JAPEX’s Finance and Accounting Department, stated that the Al-Gharraf oilfield now produces 150,000 barrels per day and that output is expected to grow to 200,000 barrels per day in 2024, Sky News Arabia reported.

When asked if Iraq will be able to boost output in light of the OPEC+ cuts, Nishimura replied that it is challenging to guarantee that everything will go according to plan given the constraints.

The Iraqi Minister of Oil, Hayan Abdul-Ghani, confirmed on Sunday that Iraq is committed to OPEC+ voluntary output reduction.

Abdul-Ghani clarified in a statement to the Iraqi News Agency (INA) that the Oil Ministry is eager to maintain cooperation with OPEC+ member states and achieve more stability in the global oil market by reaching an agreement on voluntary reduction programs.

The Oil Minister’s remarks followed an announcement that Iraq has implemented enough voluntary cuts in oil production and will not agree to any new cuts adopted by the OPEC+ group at its upcoming meeting next June.

The Al-Gharraf oilfield in southern Iraq is being developed by Malaysia’s Petronas and JAPEX and began production in 2013. The Al-Gharraf oilfield is located in Dhi Qar governorate, 85 kilometers north of the city of Nasiriyah.

The oilfield that was discovered in 1984 has reserves ranging between 860 million and one billion barrels of oil.

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