Iraq's Oil Ministry announced the signing of a contract to build a third offshore oil export pipeline, which will increase the country's export capacity through southern ports. The project is being implemented in collaboration with the Italian company Micoperi and the Turkish company ESTA.
The new pipeline will have a design capacity of 2.4 million barrels of oil per day and is designed to increase the flexibility and stability of export operations through the ports of Basra, Khor al-Amiya and the Single Point Mooring (SPM) floating platform.
The project includes the laying of a 48-inch pipeline 61 km from the coast and 9 km from land, the construction of two offshore platforms and the installation of a floating export buoy.
The completion date and cost of the project have not yet been announced. There was no announcement about the destination of the exports.
Iraqi Oil Minister Hayan Abdul Ghani called the project a strategic step aimed at improving the sustainability of export operations and ensuring the security of oil supplies.
The move is part of Iraq's broader strategy to increase its oil production capacity to more than 6 million barrels per day by 2029. Iraq's Deputy Oil Minister Bassem Mohammed Khodair recently noted that this goal will be achieved through increased exploration and drilling, including a deal with British oil giant BP to redevelop four major oil and gas fields in Kirkuk.
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