Iraq oil reserves overtake Iran
Tuesday, 5 October 2010
BAGHDAD, Oct 4 (AFP): Iraq reported Monday a sharp rise in its proven oil reserves to 143.1 billion barrels, a major boost to a war-battered country heavily dependent on crude and seeking to rebuild its economy.
The new figure represents a 24-per cent increase over the old level of 115 billion barrels and means Iraq leapfrogs Iran into third place in terms of known reserves, according to data from the OPEC oil cartel.
Iraq still ranks behind Saudi Arabia and Venezuela in terms of proven oil reserves, figures from the Organisation of Petroleum Exporting Countries show.
"Iraq's oil reserves which are extractable are 143.1 billion barrels," Oil Minister Hussein al-Shahristani said at a news conference in Baghdad, noting this excluded any reserves in the autonomous region of Kurdistan.
A further 33.486 billion barrels was non-extractable, he said, adding 71 per cent of all reserves were concentrated in the country's south, 20 percent in the north and nine per cent in the centre.
Shahristani said known reserves at the West Qurna supergiant oilfield now totalled 43 billion barrels, making it the second biggest oilfield in the world.
Iraq depends on crude oil exports for 95 per cent of government revenue, and is trying to upgrade outdated infrastructure and spur economic growth after being crippled by decades of conflict and sanctions.
It currently produces about 2.4 million barrels of oil per day, but last year awarded contracts with foreign energy firms to exploit 10 oilfields in the hopes of upping its production as much as five-fold.
As part of its plan to ramp up output, it is seeking to build up its infrastructure for energy exports.
Last month, it signed a deal with Turkey to extend its use of the Ceyhan pipeline for a further 15 years, and also reached an agreement with Syria to build two pipelines connecting Iraq to Mediterranean sea ports.
Oil analysts have previously said they expected the figure of 115 billion barrels to rise, as little to no exploration was conducted during the rule of now-executed dictator Saddam Hussein.
Iraq is also seeking to increase its production of gas, with a public auction slated for October 20 where international companies can bid for the rights to exploit three gas field.
The new figure represents a 24-per cent increase over the old level of 115 billion barrels and means Iraq leapfrogs Iran into third place in terms of known reserves, according to data from the OPEC oil cartel.
Iraq still ranks behind Saudi Arabia and Venezuela in terms of proven oil reserves, figures from the Organisation of Petroleum Exporting Countries show.
"Iraq's oil reserves which are extractable are 143.1 billion barrels," Oil Minister Hussein al-Shahristani said at a news conference in Baghdad, noting this excluded any reserves in the autonomous region of Kurdistan.
A further 33.486 billion barrels was non-extractable, he said, adding 71 per cent of all reserves were concentrated in the country's south, 20 percent in the north and nine per cent in the centre.
Shahristani said known reserves at the West Qurna supergiant oilfield now totalled 43 billion barrels, making it the second biggest oilfield in the world.
Iraq depends on crude oil exports for 95 per cent of government revenue, and is trying to upgrade outdated infrastructure and spur economic growth after being crippled by decades of conflict and sanctions.
It currently produces about 2.4 million barrels of oil per day, but last year awarded contracts with foreign energy firms to exploit 10 oilfields in the hopes of upping its production as much as five-fold.
As part of its plan to ramp up output, it is seeking to build up its infrastructure for energy exports.
Last month, it signed a deal with Turkey to extend its use of the Ceyhan pipeline for a further 15 years, and also reached an agreement with Syria to build two pipelines connecting Iraq to Mediterranean sea ports.
Oil analysts have previously said they expected the figure of 115 billion barrels to rise, as little to no exploration was conducted during the rule of now-executed dictator Saddam Hussein.
Iraq is also seeking to increase its production of gas, with a public auction slated for October 20 where international companies can bid for the rights to exploit three gas field.