ERBIL, Kurdistan Region of Iraq – The Iraqi oil ministry announced on Sunday plans to increase oil production to six million barrels per day between 2028 and 2029. 

“The ministry seeks to increase oil and gas production capacities within a clearly defined five-year plan, targeting a ceiling exceeding six million barrels per day between 2028 and 2029,” Bassem Mohammed Khadhir, the ministry’s undersecretary, told state media.

Iraq’s current production capacity sits at around 4 million barrels per day according to an agreement with OPEC+, of which nearly 700,000 barrels are used domestically.

Khadhir added the project is set to benefit from “the exploratory activity carried out by the Oil Exploration Company, as well as drilling and production operations in the fields through six licensing rounds.”

The oil ministry official detailed that the project will be extended to all provinces.

The Ministry of Oil announced earlier in March the signing of a contract with British Petroleum (BP) to rehabilitate four oil fields in Kirkuk, which Khadhir said will be included in the scope of the projects.

The four oilfields under the contract include the Baba and Avanah domes and three adjacent fields - Bai Hassan, Jambur, and Khabbaz, all operated by the Iraqi government’s North Oil Company.

Meanwhile, the Kurdistan Region’s oil, also expected to resume soon, is set to add 185,000 barrels per day during the first stage of its resumption and gradually increase to reach 400,000 barrels per day.

Iraq has 145 billion barrels of proven oil reserves, according to the World Bank.

 Oil is Iraq’s main source of income.