Oil Minister: We hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels,, 12 MAY

Oil Minister: We hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels

Economy News – Baghdad

Oil Minister Hayan Abdul Ghani on Saturday expressed hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels.

Abdul Ghani said, in his speech during the activities of the launch ceremony of the fifth and sixth supplementary licensing rounds, under the patronage and presence of Prime Minister Mohammed Shia Al-Sudani: “The Ministry is launching today 29 promising projects within the fifth and sixth supplementary licensing rounds, to start a new phase towards the advancement of industry and oil and gas wealth after the experience of five licensing rounds launched in 2008.”

He added that “the Ministry of Oil achieved through licensing rounds the referral of 27 contracts for oil and oil and gas fields to international companies that had a significant impact on production levels and government financial revenues by adding more than 2 million barrels per day of crude oil to national production.”

He pointed out that “the fifth supplementary and sixth rounds of licenses will include 12 governorates that include investment opportunities, in addition to the maritime areas in the Arabian Gulf. These projects will contribute to economic expansion and the growth of the governorates in terms of providing jobs and gradually activating economic activity in the surrounding areas, which in turn will increase stability and the employment of labor and achieve the maximum use of gas reserves to meet the increasing needs of gas in electric power generation and other industries.”

He stressed “providing support, support and possible facilities to the winning companies in the development of oil and gas fields,” noting “the success in the liquidation sector by adding more than 360 thousand barrels per day to national production.”
He expressed his hope that “Iraq’s oil reserves will rise in the future to more than 160 billion barrels.”

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