Thread: Oil Minister: Iraqi oil reserves under the ground of 505 billion barrels

Oil Minister: Iraqi oil reserves under the ground of 505 billion barrels

Contract and Oil Minister Hussain al-Shahristani morning press conference in which he talked about oil reserves in Iraq and contracts concluded by the ministry with international companies and their contribution to increased production of crude oil.

Shahristani said during the conference That the task of counting the oil reserves in Iraq carried out in cooperation with international oil companies that contracted with the ministry to develop oil production.

He confirmed that the reserve total in Iraq has 505 billion barrels with the exception of the reserve is located in the Kurdistan region, pointing out that the reserve can be increased in the event of continuing exploration of the reservoirs of the new oil because there are fields yet to be discovered in addition to that there are oil deposits in wells discovered are not drilled After.

Shahristani said that " the amount of oil reserves recoverable stands now at 143.1 billion barrels . "

He said al-Shahristani said that "existing oil wells now, the percentage of oil extraction, 50 %."


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