Iraqi oil field begins production

Iraq has started pumping from a giant oilfield it discovered in 1975, with the aim of quickly boosting the country’s crude exports.

The field, in southern Iraq, is thought to contain 4.3 billion barrels of reserves, but was undeveloped for more than three decades due to war, economic sanctions and lack of funds.

“We have started experimental production from Nassiriyah oilfield at a rate of 10,000 barrels per day (bpd),” Fayad al Nema, the director general of the Iraqi state-owned South Oil Company (SOC), told Dow Jones.