Oil reserves in Iraq have achieved a significant recovery, with the addition of about 6 billion barrels of crude oil and 23 billion standard cubic feet of natural gas.
Today, Monday, January 23, 2023, during his visit to the Oil Exploration Company, the Iraqi Oil Minister, Hayan Abdul Ghani, announced the addition of 6 billion barrels to the country’s oil reserves, according to a statement seen by the specialized energy platform.
Abdul Ghani said that his ministry is working to enhance oil reserves in Iraq by supporting the oil exploration sector. Which contributes to enhancing the hydrocarbon wealth in the country.
Intensify exploratory activities
Hayan Abdul Ghani, Deputy Prime Minister for Energy Affairs and Minister of Oil, said that the seismic teams of the Oil Exploration Company have succeeded, during the past period, in strengthening oil reserves in Iraq, by intensifying their activities in the western desert of Anbar Governorate and some areas of Nineveh, Najaf, Muthanna and Dhi Qar.
He added, “These teams traveled thousands of kilometers to collect information from the areas of land covered by the seismic survey, and achieved fruitful results,” according to statements seen by the specialized energy platform.
Hayan Abdul-Ghani pointed out the importance of transforming expectations into a reality that enhances the oil reserves in Iraq. In order to enhance the country’s position in terms of sustaining and increasing oil and gas production, pointing out that the efforts resulted in adding 6 billion barrels of crude oil and 32 billion cubic feet of gas to the national reserve.
In turn, the Director General of the Oil Exploration Company, Ali Jassim, said that the seismic teams of the company adopt the latest technologies, devices and equipment to conduct land surveys and candidate areas for development and production.
Increase oil reserves
Efforts are continuing to increase oil reserves in Iraq, by developing and increasing the volume of onshore and offshore exploration and exploration, through partnerships with international and local institutions, to support and enhance these works.
On October 17, 2022, the Iraqi Ministry of Oil witnessed an agreement to prepare a study for the offshore exploratory block, which was signed between the Oil Exploration Company and the Chinese company Sinooc Middle East and Iraq.
The following infographic, prepared by the specialized energy platform, shows the axes of Iraq’s plan to develop the oil sector, increase exports, reserves and exploration:
The Ministry announced that holding a joint study of the land part of the offshore area in the Gulf is an important step, as it is a joint exploratory experience in regional waters, especially with the Ministry’s keenness to develop and invest border fields, on land or sea, and in regional waters, despite the various challenges.
Rumaila oil field
Baghdad owns the Rumaila field, which is the largest of the country’s fields, and enhances the oil reserves in Iraq, especially with its high levels of production. Which made it one of the most important sources of income and energy for the state for more than 70 years until today.
The Rumaila oil field produces about a third of Iraq’s crude supply; This prompted successive governments to seek to promote foreign investments, with the aim of raising the efficiency of its production. Which achieved strong results, according to information seen by the specialized energy platform.
The huge oil field contributed to increasing the volume of Iraqi oil exports. This contributes to achieving a huge financial return that supports the country’s economy, which is still in need of more financial reforms.
The following graph, prepared by the specialized energy platform, shows the average volume of Iraqi oil exports per day:
It is noteworthy that the value of Iraqi oil exports, during the past year 2022, has achieved a huge jump, supported by the increase in its prices globally. Which supported the state treasury with strong revenues.
Data from the Iraqi Ministry of Oil revealed that the quantities of crude exported to the global market increased on an annual basis. As the value of Iraq’s oil exports during 2022 amounted to 115.4 billion dollars, compared to 75.7 billion dollars in 2021.
The following infographic, prepared by the specialized energy platform, shows the volume of Iraqi oil export revenues during the past year 2022 compared to the previous year 2021:
The quantities that went to global markets, during the past year 2022, were about 1.2 billion barrels, which is equivalent to exporting 3.31 million barrels per day, according to information seen by the specialized energy platform.
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