Iraq's average crude oil production for the week ended March 5 hit the 2
million b/d mark for the first time since the start of the year, the US state
department said in its latest Iraq Weekly Status Report.
Iraq's crude production had climbed as high as 1.95 million b/d for the
week ended February 19, but since the start of the year had remained below the
2 million b/d level.
The country's crude output jumped 230,000 b/d from the February 26 figure
of 1.77 million b/d to the latest figure reported by the US state department.
Exports from the country's southern Basra and Khor al-Amaya terminals
also increased, climbing to 1.54 million b/d for the week ended March 5 as
better weather and less trouble with tug boats boosted oil loadings, the state
department report showed.
Crude export revenue in February climbed to $2.16 billion, the highest
level since September 2005's figure of $2.74 billion, on average crude exports
of 1.47 million b/d, the report showed. At the current crude export rate,
March's revenue is estimated at some $2.30 billion.
Iraqi oil ministry figures obtained by Platts March 7 also showed a sharp
jump in crude production and exports during February. The figures showed that
Iraq produced an average of 1.915 million b/d of crude last month, up 290,000
b/d from January's average levels.
Production from northern Iraqi fields slipped by 70,000 b/d to 180,000
b/d, but this was more than offset in the south of the country where output
jumped by 360,000 b/d to 1.735 million b/d, the ministry figures said.
Al-FATHAH BRIDGE 90% FINISHED
The Al-Fathah Pipeline River and Canal Crossing Project in Al-Tameem in
Northern Iraq is 90% complete and due to be finished March 31, the US state
department report said.
This US Army Corps of Engineers project connects crude oil, refined
product, and natural gas lines from the Kirkuk oil fields to 350,000 b/d Baiji
Refinery.
The crude lines also connect to the Iraq-Turkey pipeline. Completion of
the project also should help increase oil exports capacity via Turkey,
although other bottlenecks still exist, the report said.
The US' Project & Contracting Office in Baghdad, the US government body
responsible for Iraqi reconstruction projects, has made the Al-Fathah crossing
a top priority in an effort to boost crude exports to the Turkish port of
Ceyhan.
Crude exports north have remained offline since the start of the year and
have been only intermittent since the US-led invasion of Iraq in March 2003
because of ongoing attacks by insurgents against the crude pipeline network.
There have been 13 oil infrastructure related attacks since the start of
2006 and around 99 incidents in 2005, the Institute for the Analysis of Global
Security reported. The institute provides regular updates on attacks against
the country's oil facilities.
The attacks have prevented the country's State Oil Marketing Organization
from signing any long-term crude oil contracts for Kirkuk crude.
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