Abdul-Kareem Luaibi

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Iraq minister oil Luaibi.jpg

Abdul-Kareem Luaibi [Elaibi] is the Iraqi minister of oil since December 2010.

Iraq’s oil production could rise to 4.4 million barrels per day (bpd) by 2015, according to a report by Bank of America Merrill Lynch. The Iraqi government raised its proven oil reserves figure to 143 billion barrels, placing it third in BP‘s list of global reserves holders. Iraqi economy could double every six years if production reached 6.7 million bpd in 2025. [1]

In earlier 2011, Iraq's new oil minister, Abdul Karim al-Luaibi, described in limited detail a four-year plan to expand the country's oil sector. [2]

Iraq, a member of the 12-nation Organization of Petroleum Exporting Countries (OPEC) needs to rapidly boost export facilities if it is to benefit from an expected large increase in production capacity. It plans to build new oil export pipelines that would carry crude from the southern oilfields to neighboring Syria and Turkey, and at least four new floating ports in the south... Associated gas production from oil deals Iraq awarded in two auctions in 2009 is expected to reach about 8 billion cubic feet per day. [3]

On June 5, 2011, Iraq signed final contracts to develop its Siba and Mansuriyah gas fields in deals involving Turkish, Kuwaiti, and South Korean companies. Abdul-Kareem Luaibi said at the signing ceremony in Baghdad:

“This is a new beginning for the Iraqi energy industry as it is the first time we are developing Iraqi gas fields. We are seeking to meet the needs of our power stations and to make Iraq one of the leading exporters of gas in the world.”

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