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Exclusive: Iraq, oil cos agree to restart investment, boost output

Reuters
A worker checks the valves at Al-Sheiba oil refinery in the southern Iraq city of Basra, January 26, 2016. REUTERS/Essam Al-Sudani/File Photo

BAGHDAD/BASRA - (Reuters) - Iraq has reached agreement with BP, Shell and Lukoil to restart stalled investment in oil fields the firms are developing, allowing projects that were halted this year to resume and crude production to increase in 2017, Iraqi oil officials said.

The agreements, reached in July and August, effectively delay to the second half of the year projects that the three companies had planned to carry out in the first half, which had been suspended because of low oil prices.

As a result of the investment, Iraq's crude output should increase by 250,000-350,000 barrels per day next year, the Iraqi officials said. The country now produces about 4.6 million bpd, most of it from the southern region.

Shell declined to comment. BP and Lukoil could not immediately be reached for comment. (BP.L) (RDSa.L) (LKOH.MM)

(Reporting by Ahmed Rasheed and Aref Mohammed; editing by Peter Graff)