
Huge Oil Reserves Discovered In Central Iraq
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

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Most popular stories
Market Research

- Manuka Honey Market Report 2024, Industry Growth, Size, Share, Top Compan...
- Modular Kitchen Market 2024, Industry Growth, Share, Size, Key Players An...
- Acrylamide Production Cost Analysis Report: A Comprehensive Assessment Of...
- Fish Sauce Market 2024, Industry Trends, Growth, Demand And Analysis Repo...
- Australia Foreign Exchange Market Size, Growth, Industry Demand And Forec...
- Cold Pressed Oil Market Trends 2024, Leading Companies Share, Size And Fo...
- Pasta Sauce Market 2024, Industry Growth, Share, Size, Key Players Analys...
Comments
No comment