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http://www.forbes.com/home/feeds/afx/2005/07/03/afx2121847.html


Oil sabotage costs Iraq 11 bln usd
07.03.2005, 12:16 PM

BAGHDAD (AFX) - Iraq has lost around 11.35 bln usd from damage to its oil infrastructure and lost revenue since crude exports resumed following the downfall of Saddam Hussein, an oil ministry spokesman said.

Assem Jihad told AFP that 300 acts of sabotage had been committed against Iraqi oil installations between June 2003, when Iraq resumed exports, and May 31. Seventy acts of sabotage took place in the first five months of 2005.

Current Iraqi production stands at more than 2 mln barrels per day, mostly from fields in southern Iraq, of which 1.5 mln bpd is exported, he said.

There are still 11 significant fields in the south that would be put to tender, he added, which could add another 3 mln bpd to the total output.

In all, Iraq hopes to raise output up to 6 mln bpd, but to reach that goal it would need between 15-25 bln usd in investment, he said.

In its latest budget, the Iraqi government has set aside 3 bln usd for oil sector investment, which would be drawn from oil exports, former oil minister Tamir Abbas Ghadban said last Wednesday in Istanbul.

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