OIL DISCOVERED IN IRAQ WITH HUGE RESERVES NEAR THE SAUDI BORDER
An oil discovery has been announced in Iraq with reserves approaching 9 billion barrels, according to details obtained by the specialized energy platform, issued from Washington.
The announcement of the oil discovery within the “ Qarnayn ” area came during Oil Minister Hayyan Abdul Ghani’s reception on Wednesday, May 6, of a delegation from the Chinese company Zhenhua, in a move that supports Baghdad’s strategy to raise its production capacity to 6 million barrels per day by 2029.
During the meeting, developments in the work in the “Al-Qarnayn” exploration area, along with the East Baghdad South field, were discussed, in the presence of the Director General of the Central Oil Company, Muhammad Yassin.
The Minister of Oil confirmed the discovery of oil in Iraq in the Al-Qarnayn block, which was referred to the Chinese company as part of the fifth supplementary and sixth licensing rounds during 2024.
Abdulghani stressed the importance of accelerating the pace of work to achieve the goals of oil projects, in order to ensure the sustainability of crude oil production and maximize the benefit from associated gas.
Two Horns Field
The Al-Qarnayn field is the first exploration block to record an oil discovery within the blocks offered in the fifth supplementary and sixth rounds, demonstrating the great potential of undeveloped areas in Iraq, especially in border areas.
An oil discovery was made in Iraq in the Shams-11 exploratory well, which began drilling on January 10, 2026. On February 24, 2026, hydrocarbon reservoirs were reached with estimated reserves of approximately 8.8351 billion barrels.
The new oil discovery in Iraq is located within the (MUS) formation at depths ranging between 1916 and 1965 meters, with an initial production rate of approximately 3248 barrels per day.
The oil discovered in the Al-Qarnayn area is classified as light oil, which enhances its economic viability and ease of development.
Oil discovery site in Iraq
The Al-Qarnayn area is located in the southwest of the country within the borders of Najaf Governorate, along the Iraqi-Saudi border, and is considered one of the promising exploration areas, as it extends over an area estimated at about 8773 square kilometers.
The large geographical extent reflects additional opportunities for the existence of other potential reserves, opening the way for further exploration operations during the next phase.
The oil exploration, development and production contract for the block was signed on October 17, 2024 between the Middle Oil Company and North Petroleum International, wholly owned by the Chinese company Zhenhua, as part of the oil licensing rounds.
The contract came into effect on November 18, 2024, before operations were subsequently transferred to Qurnain Petroleum Limited, which took over management of the block starting from May 17, 2025, as the new operator of the project.
During the meeting, Zenhua reviewed the ongoing work stages, both in the Al-Qarnain area through the operating company, and in the East Baghdad South field, where EBS is working to increase production rates.
The company proposed the idea of rapid investment in the exploration block, which would contribute to accelerating the conversion of discoveries into actual production, and maximizing economic returns in the shortest possible time.
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