Iraq's proven oil reserves total around 173 billion barrels, Deputy Prime Minister Hussain al-Shahristani (pictured) said on Wednesday, according to a report from Dow Jones Newswires. Only 143 billion barrels of these reserves have been fully audited, he said. Another 30 billion barrels located in the Kurdish region of Iraq are considered proven but haven't […]
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The dispute between Baghdad and the Kurdistan Regional Government (KRG) over the legitimacy of international oil contracts signed by the Kurds appears to be over. Baghdad’s dispute with Kurdistan froze oil exports from the region last year. Asked if the dispute between the two Iraqi powers had been resolved, Iraqi Oil Minister, Hussain al-Shahristani, told […]
Iraq has raised the level of the oil reserves it claims to own by 24% in its first revision since the change of regime in 2003. The country has 143.1bn barrels of known and extractible oil, up from the 115bn barrels previously estimated. If correct, the revision means that Iraq now has bigger oil reserves […]
Iraq is set to announce a "big increase" in its oil reserves on Monday, which currently stand at 115 billion barrels, a spokesman for the oil ministry said. Iraq's crude reserves are the world's third largest but its production rate is low thanks to years of sanctions, under-investment and war. Baghdad has signed a series […]
Iraq plans to offer three gas fields with combined in-place resources of 25 trillion cubic feet of gas to international bidders “in the coming months”, according to Iraqi Oil Minister Hussain Shahristani.
Iraq's Oil Minister said on Monday current crude prices were fair and not too high to hinder global economic recovery, but added that he was not very happy with OPEC members' compliance with production quotas.
“It’s not expected that there will be much oil available from other parts of the world,” he said. “Any additional demand, particularly from Asia, will have to be met by Iraq.”
Al-Shahristani said Iraq would open another bid for a major gas exploration project in September.
An OPEC quota of 6 million barrels per day (bpd) will be too low for Iraq and it expects its quota to be no less than that of OPEC's most influential member Saudi Arabia, Iraq's oil minister said on Thursday.
Iraq is considering holding a third oil auction for some of its supergiant fields, such as Kirkuk and East Baghdad, if there is enough interest from foreign players, Oil Minister Hussain Shahristani said today.
Iraqi Oil Minister Hussain al-Shahristani said on Monday the Oil Ministry was considering inviting foreign oil companies to develop the Middle Furat oilfields.
The licenses of the first and second rounds of the Oil contracts will not be affected by the governmental changes and there is no third licensing round in the future.