Iraq digs new wells in the north
Iraq, Business, 9/1/1997

Iraq said on August 31 it has dug two new oil wells in the northern Karkuk field as part of efforts to increase the country's output capacity. The new wells are 650 m and 700 m deep, said the head of Iraq's oil exploration company. He did not specify their capacity.

Earlier this year, Iraq restored 12 other wells, he said. In 1996 three wells were dug and 21 restored in Karkuk, Bey Hassan, also in the north, and Rumailan in the south.

Oil experts estimate that Iraq needs between two and three years, starting from the time UN sanctions are lifted, and to spend 25 billion US dollars to restore its pre-Gulf war capacity of around 3.5 million barrels a day.

Oil Minister Amer Rasheed has said Iraq's current output capacity is 2.5 million barrels per day. Iraq has proven reserves of an estimated 112 billion barrels, the second highest in the world after Saudi Arabia.

Baghdad has been allowed since December to export limited amounts of crude to finance purchases of food and medicine.

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