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Pessimism surrounds falling oil production in Iraq [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-12-05 05:35 AM
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Pessimism surrounds falling oil production in Iraq
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BASRA — Iraq's oil production has fallen below prewar levels to its lowest point in a decade, depriving the country's fledgling government of badly needed income and preventing the United States from achieving one of its main reconstruction goals.

Iraq's oil wells — beset by equipment problems and saboteurs — are producing about 1.9 million barrels a day in net production, lower than the 2.6 million it was producing just before the 2003 U.S.-led invasion, according to the London-based Centre for Global Energy Studies (CGES).

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A top priority

Production continues to slide despite a massive U.S.-funded effort to stabilize and boost output, repair critical parts of Iraq's oil infrastructure and develop a long-term plan for the Iraqi oil industry.

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More stumbling blocks

Outdated equipment hasn't been the sole obstacle in revamping Iraq's oil wells. Poor project management and bad pumping practices have also contributed, says Jamal Qureshi, a market analyst at Washington-based PFC Energy. One such worrisome practice is the way oil workers are re-injecting residual fuel oil into the northern wells of Kirkuk, Qureshi says. Workers have no place to store the oil as fast as it is being produced, so the excess oil is re-injected into the well for later pumping.

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