By John Lee.
Iraq has announced that it has discovered deposits of crude oil equivalent to one billion barrels of oil, following the first exploration work by state-owned firms in almost 30 years.
The new oil find in Maysan [Missan] province, near the border with Iran, and could potentially make a significant addition to Baghdad's reserves, which are currently listed as 143.1 billion barrels of oil and 3.2 trillion cubic metres (111.9 trillion cubic feet) of gas.
The Maysan Oil Company [Missan Oil Company] made the discovery south of provincial capital, Amara.
(Sources: AFP, Business Insider)