Wednesday, October 19, 2011

Twin blasts target oil pipelines in the South of Iraq

Wednesday, October 19, 2011

Baghdad - a few bombs hit two oil pipelines in the South of Iraq, caused a temporary production of the country's largest oil field, officials said Saturday.

The blasts found late Friday at the Rumaila field, a fire that firefighters lasted a few hours, wipe out Sparks, the Deputy Director of the provincial Council Basra, Ahmed al-Sulaiti said. No one was hurt.

Such attacks are rare in Iraqi oil develop iron-rich South where international oil companies have begun flooding in huge oil reserves of the country. Basra is the second largest province of Iraq and home to about 70 percent of the country's proven oil reserves of 143.1 billion barrels.

The attack forced officials to produce about 600,000 barrels from around 1.25 million barrels a day, said DHIAzugelassenes Jaafar, the Director-General of the State South Oil Co.

He said the country's oil exports were not affected and production should be restored to normal levels in two days.

"It is a terrorist attack and sabotage Act," he said. "It is a clear breach of security and that we all should work together to catch and punish those behind it so that it will not be repeated."

The Rumaila field is the Iraq the largest with 17.8 billion barrels. It is developed by Britain's BP and China's CNPC.

Iraqi daily production is about 2.9 million barrels per day, and oil exports on average, around 2.1 million barrels per day. Oil revenues make about 95 percent of the State budget.

Iraq has awarded 15 oil and gas deals since 2008 at international energy companies in the first major investment in the country's energy sector in more than three decades.

Baghdad should daily production to 12 million barrels until 2017, a level that current production capacity would put it almost on par with Saudi of Arabia. But many analysts say that goal unrealistic, since the decaying infrastructure through many wars and more than a decade-long international embargo.

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