Iraq to Invest $130 Billion in Upstream Oil Sector Over 5 Years

Iraq plans to spend $130 billion on the country’s upstream sector over the next five years to help raise production capacity to 9 million barrels a day, Oil Minister Abdul Kareem al-Luaibi said.

The country will allocate $18 billion to raise natural gas output and $25 billion to expand refinery capacity, al-Luaibi said at a conference in Basrah today. Iraq forecasts $600 billion in revenue from the oil expansion, he said.