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Iraq sits atop the world's fourth largest proven reserves of conventional crude of about 143.1 billion barrels, but decades of sanctions, war, sabotage and negligence have battered the sector. Since 2008, it has been planning to build up its energy sector to bring in the badly needed cash. It has awarded 15 oil and gas deals to international energy companies, the first major investments in the country's energy industry in more than three decades. And now its daily oil production stands slightly over 3 million barrels
-- the highest level since the U.S.-led invasion to oust dictator Saddam Hussein in 2003
-- and it plans to reach 3.4 million barrels by the end of this year. Iraq initially set a target of 12 million barrels a day by 2017, but it is now considering a downward revision to fewer than 10 million barrels, in part because of infrastructure bottlenecks.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
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