Iraq’s Luaibi reverses INOC decree, says it aims to produce 7 mln bpd

ADNOC Offshore completes Nasr installation

SULAIMANIYA/ERBIL, Iraq, Oct 21, (RTRS): Iraqi Oil Minister Jabar al-Luaibi has reversed his decision to transfer the ownership of nine state-owned oil companies from the ministry to the newly formed National Oil Company, the ministry said on Saturday.

He later told state television in an interview that Iraq hopes to produce 7 million barrels of oil a day (bpd) through the National Oil Company and to export 4 million bpd in 2019.

The reversal of the transfer decision would enable the incoming government of Prime Minister-designate Adel Abdul Mahdi to make its own decisions in the oil sector, the ministry said in a statement. Luaibi is the oil minister in an outgoing government led by Prime Minister Haider al-Abadi.

A senior Iraqi oil official told Reuters that Abdul Mahdi had been annoyed by the original transfer decision which had been “made in a rush and without his approval.”

Luaibi had issued a decree on Thurs-

day transferring ownership of the nine state-owned oil companies, including state oil marketer SOMO, to the National Oil Company.

On the same day, Abdul Mahdi, who has the task of forming a new government after months of political deadlock following a May election, called on officials

in the outgoing government to refrain from signing urgent contracts, making non-essential hires, or other key decisions.

Meanwhile, Abu Dhabi’s stateowned ADNOC Offshore has completed the installation of all Nasr field facilities, said a company tweet on Sunday.