Huge Oil Reserves Discovered In Central Iraq

(MENAFN- Nam News Network) BAGHDAD, Jan 21 (NNN-NINA) – The state-owned Iraqi Midland Oil Company, said yesterday that, it has discovered huge oil reserves in the East Baghdad oil field.

Mohammed Yassin Hassan, director general of the company, said, the new discovery is expected to add more than two billion barrels to Iraq's oil reserves, according to a statement by the company.

Initial tests of the well showed a daily production rate of up to 5,000 barrels of crude oil, he said, adding that, this discovery has strategic importance, as it adds to Iraq's oil reserves and enhances Iraq's production capabilities, it said.

Iraq, a member of the Organisation of the Petroleum Exporting Countries, holds more than 145 billion barrels of proven oil reserves.

The country's economy heavily relies on crude oil exports, which account for more than 90 percent of its revenues.– NNN-NINA

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