Iraq has the fifth largest proven reserves in the world, estimated at 145 billion barrels. This represents about 17% of all Middle East reserves and almost 8% of world reserves.
As Euronews specifies, according to initial estimates, the reserves of one of the exploration areas exceed 8.8 billion barrels of crude oil. This is one of the most promising areas for oil exploration, its area is 8,773 square kilometers.
The announcement was made during an official meeting between Iraqi Oil Minister Hayan Abdul Ghani and representatives of Chinese company ZhenHua Oil. Through its subsidiary Qurnain Petroleum Limited, it is the main operator of exploration works in partnership with the Iraqi side.
Before the escalation of tensions in the region, Iraq was producing about 4.5 million barrels of oil per day, making it the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC).
Iraq’s oil exports fell to 18.6 million barrels in March and revenues were 81 percent lower than in February, according to official ministry data.
