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AKnews reports that Iraqi Kurdistan will be able to produce 400,000 barrels per day (bpd) of crude oil by the end of the year, an increase of 128% from current 175,000 bpd.

“The successful policies of the KRG has made it possible for the region to start from scratch and is now capable of produce 175,000 bpd,” the Minster of Oil and Natural Resources, Ashti Hawrami, said on Monday.

“At this rate, by the end of this year our daily production will hit 400,000 bpd. We have plans to increase our production capacity to one million bpd by 2014, and two million bpd by 2019.”

Currently, 48 companies from 18 countries work in the oil and gas sector in Kurdistan.

(Source: AKnews)

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