Iraq: Oil reserves increased by 10 billion barrels

Iraqi Oil Minister Hayan Abdul Ghani said on Friday that the country’s oil reserves increased by 10 billion barrels and its natural gas reserves increased by eight trillion cubic feet.

Abdul Ghani made the announcement during a visit to the Majnoon oil field near Basra, a key oil hub located about 550 km south of Baghdad, where he inaugurated an experimental project to inject water into the oil field and laid the foundation stone for the second gas isolation station in the field, according to a ministry statement.

The increase in oil and gas reserves was the result of a three-dimensional seismic survey of the sites of al-Hartha, al-Zubair, and al-Meshrif near Basra, according to the statement.

The new figures would raise the proven reserves of Iraq’s crude oil to about 155 billion barrels and its proven reserves of natural gas to about 140 trillion cubic feet.

The new figures have not yet been officially adopted as estimates by the Organization of the Petroleum Exporting Countries (OPEC), of which Iraq is a member.

Iraq’s economy heavily relies on crude oil exports, which account for more than 90 percent of the country’s revenues. ■

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