Iraq targets oil production surpassing 6 million bpd by 2029

BAGHDAD — Iraq’s Ministry of Oil announced Sunday a plan to lift oil production above 6 million barrels per day by 2029, including new development projects in Kirkuk.

“The ministry is working to raise oil and gas production capacities through a clearly defined five-year plan, targeting output exceeding 6 million barrels per day between 2028 and 2029,” Deputy Oil Minister Bassem Mohammed Khudair told the Iraqi News Agency.

Khudair said the expansion involves projects in all governorates, supported by the Oil Exploration Company and drilling operations under six licensing rounds. “One of the key current projects in the extraction sector is the Integrated Gas Development Project in the south, in the Artawi field,” he said. “In addition, there are other projects, including the development of four major fields in Kirkuk. An agreement has been reached, and the contract with BP is expected to be signed in the coming days.”

In March 2025, the Ministry of Oil finalized an agreement with energy giant BP to redevelop four major oil fields in the Kirkuk region: Baba Avana, Bai Hassan, Jambour, and Khabbaz. The deal is estimated at $20 billion to $25 billion, aiming to boost Iraq’s oil production capacity by 150,000 barrels per day, ultimately reaching a total of 450,000 barrels per day within two to three years.

Khudair also noted that Iraq’s national oil companies now manage 70 percent of operational activities.

As of January 2025, Iraq’s crude oil production stood at about 4 million barrels per day, according to data from the Organization of the Petroleum Exporting Countries. This represents a slight drop from previous months, consistent with OPEC+ production cuts.