Iraq has approved the construction of the Basrah-Haditha oil pipeline, a $4.6 billion (5.97 trillion dinars) project, according to local media reports. The pipeline will span nearly 2,000 kilometers and transport up to 2.25 million barrels per day (bpd) to Jordan’s Aqaba port.
The development is led by state-backed Basra Oil Company and Oil Projects Company and is funded through the Iraq-China agreement, Shafaq News reported.
In August, Iraq’s oil ministry proposed the pipeline to facilitate crude transport to the country’s central and southern regions. Iraq currently produces nearly four million barrels per day (bpd), according to government officials cited by Reuters.
As OPEC’s second-largest producer, Iraq aims to boost crude output to six million bpd by 2028, the state-owned Iraqi News Agency (INA) reported last September, quoting Deputy Minister for Extraction Affairs Basim Khudair.
Earlier in 2024, Iraq awarded several oil and gas concession sites to 22 international companies. Additionally, a report by Al Sabaah in October revealed plans to offer new oil and gas concessions in 2025.
Iraqi Oil Minister Hayan Abdel Ghani announced last September that upcoming projects are expected to add approximately 3.459 billion cubic feet of gas per day and increase Iraq’s recoverable oil reserves to 160 billion barrels, up from the current estimate of 145 billion barrels.
