Iraq oil reserves map. 5 During the Iran–Iraq War, Iraqi oil drilling operations in Rumaila declined while Kuwait's operations increased. 1. Sharing borders with three other OPEC Member Countries – the Islamic Republic of Iran, Kuwait and Saudi Arabia – Iraq covers an area of around 438 thousand square kilometres. OPEC holds 70. Image credit Wirestock Creators via Shutterstock. China's CNCEC has signed a contract for the 300,000 bpd refinery. [ 2] The dispute between Iraq and Kuwait over allegedly slant-drilling in the field was one of reasons for Iraq's invasion of Kuwait in 1990. 1 It holds the world’s fifth-largest proved crude oil reserves, at 145 billion barrels, representing 17% of proved reserves in the Middle East and 8% of glo Map of countries with proven oil reserves - according to U. All reserve and resource estimates involve uncertainty in volume estimates (expressed below as Low, Mid or High uncertainty), as well as a risk or chance to exist May 11, 2024 · The minister's comment came during the launch of new licensing rounds for 29 oil and gas fields. Coordinates ( WGS 84 ) Onshore, Iraq [7] 31. 2 billion barrels (1. Lukoil holds a 75% interest in West Qurna 2 and Iraqi state-owned North Oil Co. Jan 30, 2017 · There are 107 oil discoveries and nine gas discoveries in Iraq. 2 billion. Iraq plans to open more of its untapped oil and gas resources to foreign developers this year in an effort to increase reserves and revenue. The documents are dated March 2001. Aug 8, 2014 · Iraq's enormous oil reserves. Sep 28, 2022 · It holds the world’s fifth-largest proved crude oil reserves, at 145 billion barrels, representing 17% of proved reserves in the Middle East and 8% of global reserves. invasion of Iraq, the one nearest and dearest to neoconservatives’ political action committees Apr 6, 2021 · By Simon Watkins - Apr 05, 2021, 7:00 PM CDT. The new constitution drafted in 2005 states Mar 20, 2024 · million bbl = million barrels of oil Fuel Description Reserve Classification Quantity Units Data Year Source oil reserves 17000 million bbl 2017 Nov 21, 2019 · In 2018, Syria had an estimated 2. 5 trillion cubic meters (tcm), or about 1. 6%. Reserves A map of world oil reserves according to U. 000 Barrel/Day th for Mar 2024. 9 billion barrels of oil in reserve – but even this vast wealth in natural resources has not been enough to save the country from its recent economic and humanitarian crisis. December 12, 2023. Qatar has the third-largest natural gas reserves. Iraq consumed 636 Bcf of dry natural gas in 2019, much of which the electricity sector consumed. The block is in the Rutbah-Jezira tectonic zone and. A new and unique cartoon strip on the Iraqi oil and gas value chain (in both English and Arabic). Jan 1, 2018 · Crude oil – proved reserves. The oilfield was brought into production by the Iraq Petroleum Company (IPC) in 1934 when the 12-inch pipelines from Kirkuk (British-ruled Jun 18, 2023 · Reuters. The majority of these are in the Zagros foldbelt (53), the Mesopotamian foredeep (22), and the Gotnia Basin (18), and they account for over 98% of the oil and gas discovered. Canada accounts for almost 10% of the world’s proven oil reserves at 170 billion barrels, with an estimated 166. Date range. Brazil. REUTERS/Alaa Al-Marjani/File Photo Purchase Licensing Rights. Jun 1, 2018 · Key information about Iraq Crude Oil: Production. 304 million barrels/day, Qatar is the 6th biggest oil-producing country on the Middle East Oil Map. Iran manufactures 60–70% of its industrial equipment domestically, including various turbines, pumps, catalysts, refineries, oil tankers, drilling rigs, offshore platforms, towers, pipes, and exploration instruments. Nahr Bin Umar Oil Field. Iraq Oil Map. 1 shows the map of numerous oil fields in Iraq. Iraq, an Opec member, will put 13 sites forward in a bidding round, the Oil Ministry said on Monday. This entry is the stock of proved reserves of crude oil, in barrels (bbl). Source. Iraq’s crude oil reserves may turn out to be much higher than believed, the country’s oil minister Jabar al-Luaibi said at a recent industry event Iraq. An estimated 20% of oil resources are located in northern Iraq, including the areas of Kirkuk, Irbil, and Mosul. Recoverable oil. Click on the dots above and navigate to the local maps below for discussion and to learn more about Mar 25, 2019 · 25. Official estimates are that Iraq’s proven reserves of conventional natural gas amount to at least 3. This is equal to 2. #14. Mar 21, 2023 · The terminals’ capacity slumped to 3. Location. Iraq Crude Oil: Production data is updated monthly, averaging 3,023. Iraq is thought to have the fifth-largest oil reserves in the world, with an estimated 145 billion barrels of known reserves. -led Aug 10, 2022 · Iraq pumped 4. Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and The Rumaila oil field is a giant oil field located in southern Iraq, approximately 20 mi (32 km) from the Kuwaiti border. 9% of the world's proven oil reserves. Includes ancillary map of "Distribution of Iraq's main ethnoreligious groups. 88 million population. Download scientific diagram | 1 Iraq oil location map [17] from publication: RESERVOIR CHARACTERIZATION STUDY OF KHASIB FORMATION EAST BAGHDAD FIELD SOUTHERN AREA | In this study A detailed map with comprehensive coverage of oil and gas fields, pipelines and refineries in Iraq. -led invasion ended Iraq’s occupation and required Iraq to divest of its weapons of mass destruction. 550 Barrel/Day th for Dec 2021. Middle Furat (Euphrates) Oil Fields. Location: The block lies within the southwestern part of Iraqi Western Desert, about 150 km southwest of Al Najaf and covers an area of around 9,000 km2. Mansuriyah Gas Field. ^. The modern nation-state of Iraq was created following World War I from the Ottoman provinces of Baghdad, Basra, and Mosul. Available also through the Library of Congress Web site as a raster image. 2 billion barrels in proven reserves — Qatar has the highest GDP per capita of any country in the world, at $128,647. May 27, 2024 · Persian Gulf War, conflict (1990–91) triggered by Iraq’s invasion of Kuwait with the apparent aim of acquiring its large oil reserves, canceling a large debt owed to Kuwait, and expanding Iraqi regional power. Sep 28, 2023 · Kuwait holds approximately 8% of the world's known oil reserves. Iraq's petroleum resources are estimated to be 184 billion barrels, which include oil and natural gas reserves, and undiscovered resources. Learn more about oil reserves by country by scrolling the map and charts. 1 billion barrels, with daily production capacity estimated at 375,000 barrels a day. Hayan Abdel-Ghani said 11 gas exploration blocks in different parts of the country would be on offer and described them as “promising”. Iraq will also have to boost its water injection capacity in order to raise oil production. Iran oil reserves at the beginning of 2001 were reported to be about 99 billion barrels; however in 2002 the result of NIOC's study showed huge reserves upgrade adding about 31. Production has gone up since the fall of the Hussein May 11, 2024 · Chinese companies won most of the oil and gas deals in Iraq 's energy bidding round launched on Saturday as the Opec member country seeks to strengthen reserves and revenue. Comprehensive data, charts and illustrations are used within the map to give authoritative analysis of trends in Iraq's energy industry. Saudi Arabia, a country known for its oil dominance, takes the #2 Shows oil and gas fields and pipelines, exploration blocks, crude processing plants, pump stations, refineries, and tanker terminals. The Minister emphasized the importance of the oil exploration sector. Saudi Arabia, a country known for its oil dominance, takes the #2 Nov 14, 2021 · Lukoil currently operates Iraq's southern West Qurna 2, one of the world's largest oil fields with around 14 billion barrels of initial recoverable reserves, according to its website. [ 4] List of world countries by proven Oil Reserves in million cubic feet (MMcf), and per capita. Oct 4, 2010 · Iraq raised its proven oil reserves figure by a quarter on Monday in a bid to match the clout of leading producer Saudi Arabia and strengthen its case for OPEC to grant it a higher output quota. 7 billion barrels of recoverable reserves to the Iranian oil reserves. The United States also produces an average of 13. 55 million bbl/y 2024 production design capacity gas 3100. ”. Additionally, the Sulaimaniya Iraq (Federal Iraq and Kurdistan Regional Government) is the second-largest crude oil producer in OPEC after Saudi Arabia and the sixth-largest total petroleum liquids producer in the world. Jan 10, 2012 · The Not-About-Iraqi-Oil Iraqi Oil Map. " Tables and charts: Producing oilfields -- Types of Iraqi oil -- Crude oil The documents contain a map of Iraqi oilfields, pipelines, refineries and terminals, as well as two charts detailing Iraqi oil and gas projects, and “Foreign Suitors for Iraqi Oilfield Contracts. Most Iraqis speak Arabic, although Kurdish is also used, especially in The United States has 50 billion barrels of proven oil reserves, more than all but eight other countries worldwide. In 1989, Iraq accused Kuwait of using "advanced drilling techniques" to exploit oil from its share of the Rumaila field. 95 million bbl/y [not listed] production design capacity oil 83. Foreign Suitors for Iraqi Oilfield Contracts – Part 1. Mar 24, 2023 · The Nihran Bin Omar oil field flare stacks burn north of Basra, Iraq, Wednesday, March 22, 2023. S. An oil or gas resource refers to known (discovered fields) or potential accumulations of oil and/or gas ( i. 4 billion worth of Iraqi oil was "stolen" by Kuwait and demanded compensation. It has a population of about 42 million, one fifth of which lives in the capital, Baghdad. Dec 1, 2017 · Flames emerge from flare stacks at the oil fields in Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017 [Alaa Al-Marjani/Reuters] The last three years dramatically reshaped the oil map Petroleum industry in Iran. This map shows oil refinery operations in red and allow users to report health issues directly on the map colored in blue. To access additional data, including an interactive map of oil and gas extraction sites, a downloadable dataset, and summary data, please visit the Global Oil and Gas Extraction Tracker on the Global Energy Monitor website. Dahr Jamail’s report on energy majors in Iraq reminds us of one of the other, other, other reasons for the U. Global proved oil reserves were 1732 billion barrels at the end of 2020, down 2 billion barrels versus 2019. Iraq is one of the world's most petroleum-rich countries and, in the future, it could become one of the main producers. 1 million barrels per day, the most of any country in the world and equal to 14. Iraq stopped sending nearly half a million barrels of oil through the pipeline Nov 10, 2010 · Iraq has increased the official size of its proven oil reserves with new data suggesting that they have reached 143. 5% of total oil reserves). 3 billion located in Alberta’s oil sands, and the rest found in conventional, offshore, and tight oil formations. Unexplored regions of Iraq, the EIA estimated, could have yielded an additional 100 billion Nov 18, 2022 · The Oil Bonanza and Iraq’s Structural Challenges. Iraq also ranks second in OPEC’s Organization of Petroleum Iraq, one of the members of the OPEC+ agreement, raised its crude oil output (excluding condensates) in 2022 by nearly 400,000 barrels per day (b/d) from an average of less than 4. 1% of daily global oil production. According to various literature, Iraq contains between 110 billion and 115 billion bbl of oil, and 112 Tcf of gas. Shows oil and gas fields and pipelines, exploration blocks, crude processing plants, pump stations, refineries, and tanker terminals. That means that Kurdistan’s currently known oil reserves represent about 3% of the total. 12. In September 2021 France’s TotalEnergies signed a $10 billion deal for several energy projects, including a large-scale seawater treatment plant that will increase injection capacity. Sixteen fields and exploration blocks were offered as an appendix Jun 7, 2021 · In 2002, Canada’s proven oil reserves jumped from 5 billion to 180 billion barrels based on new oil sands estimates. It also takes a detailed look at the country’s oil and gas sector, projecting that Iraq’s oil production will grow by 1. The map also aspires to show the fast growing renewable energy power (wind, solar and hydro) locations colored in yellow. 651 billion in 2021 and $41. Iraq’s dry natural gas production was 378 billion cubic feet (Bcf) in 2019. [ 3] This field was discovered by British Petroleum (BP) in 1953. 2. 224, 47. . (Sources: Lukoil, INA, Ministry of Oil) Khudher Al-Mai. Najmah Oil Field. Different classifications of reserves are related to their degree of certainty. Reserves may be for a well, for a reservoir, for a field, for a nation, or for the world. 1980–2020. [3] Iraq’s crude oil output has increased since 2003 despite infrastructure bottlenecks, supply disruptions in the north, and contractual delays. Paul Mutter. During ancient times, lands that now constitute Iraq were known as Mesopotamia. Dick Cheney had his eye on Iraqi oil long before 9/11. Kirkuk Oil Field *. The country has only been allowed to export a limited amount of oil under Name: Block 6 Controlled by: Ministry of Oil (Baghdad). Maysan Oil Fields. 09 million bbl/y 2018 production oil 135. The block is bounded on the west by the Iraqi-Saudi border line. Aljazeera. Nov 16, 2021 · The Eridu field was discovered in 2016. The majority of this is in the Burgan field which is the second-largest Crude Oil Proven Reserves Definition:Oil reserves are the amount of technically and economically recoverable oil. Iraq has the fifth largest proven oil reserves of any country, after Venezuela, Saudi Arabia, Canada, and Iran. The map is color-coded based on the size of each country's proven oil reserves, with darker colors indicating higher reserves. possesses 5 oil fields, including the Khurmala dome, which is the northern extension of Kirkuk field. 5 billion barrels of oil reserves, compared with Saudi Arabia's 297 billion, Iran's 155 billion and Iraq's 147 billion barrels. BAGHDAD, Nov 1 (Reuters) - Iraq’s oil exports Oct 8, 2018 · The Kurds’ key leverage is oil: Kurdistan has roughly one-third of Iraq’s total oil reserves, much of it located under the sands near the city of Kirkuk, which was once a stronghold of the Crude Oil Proven Reserves Definition: Oil reserves are the amount of technically and economically recoverable oil. Mar 19, 2013 · Yes, the Iraq War was a war for oil, and it was a war with winners: Big Oil. January 10, 2012. A U. Articles and Resources Additional data. A total of 29 oil and gas projects are available in the latest energy bidding rounds that last three days. EIA, 2017 See: Oil reserves in Iraq. With its proved (or remaining) reserves of 113 billion These supergiant fields account for almost 50% of Iraq’s total estimated reserves. December 2024. Crude oil - proved reserves is the stock of proved reserves of crude oil, in barrels (bbl). 7 × 10. 3 Billion Barrels. According to the Oil and Gas Journal, Iraq's proven oil reserves are 115 billion barrels, although these statistics have not been revised since 2001 and are largely based on 2-D seismic data from nearly three decades ago. 1934. 5 million bbl/y 2021 production design capacity oil 83. Last updated. the remainder. 5 MMbbl/d: 157 Mbbl/d: 6: Jul 1, 2004 · Map showing proved oil and gas reserves in the Middle East countries. #15. 67 million m³/y 2024 Mar 29, 2018 · By Irina Slav - Mar 29, 2018, 6:00 PM CDT. Carole Nakhle analyzes the oil reserves of Kuwait and posits that the country should adapt to the trend away from fossil fuels. Total reserves (includes gold, current US$) - Iraq from The World Bank: Data million bbl/y = million barrels of oil per year Category Fuel Description Quantity Units Data Year Source production oil 32. Iraq finalizes $8 billion Fao refinery deal. Petrobras, a publicly held energy company, is the largest Aug 17, 2022 · Qatar has proven oil reserves of 25. Apr 4, 2023 · Officials say an agreement has been reached to resume oil exports from Iraq’s northern Kurdish region through a pipeline to Turkey. Jan 24, 2023 · During a visit to Iraq's Oil Exploration Company (OEC), the Minister of Oil, Hayan Abdul-Ghani, announced that the company's seismic teams have successfully added 6 billion barrels of oil and 32 billion standard cubic feet of gas to the country's national reserves. 1 Most of Iraq’s major known fields—all of which are located onshore—are producing or are in development. EIA (start of 2017) Iraq Russia Saudi Arabia United States Venezuela BP: 172. Dec 21, 2022 · The BGC was designed specifically to enable Iraq to increase its energy independence and to achieve economic diversification by capturing currently flared gas from the fields of Rumaila, West Iraq Crude Oil: Exports was reported at 3,712. Lukoil has a 60-percent stake in Block 10, with Inpex owning 40 percent. Nov 29, 2023 · The Eridu field is the biggest oil find in Iraq in the last 20 years. It has been 10 years since Operation Iraqi Freedom’s bombs first landed in Baghdad. 3 million barrels a day by 2030, becoming the world’s fourth-largest oil Nov 1, 2021 · An oil field is seen in Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. 9 t) Kirkuk Field is an oilfield in Kirkuk, Iraq. Thanks to the powerful position this puts the country in, the Saudis have had an important place in global politics, as well as making many of the country’s inhabitants extremely rich. These fields contain about 3. 584 million barrels per day (bpd) of oil in July, up by 69,000 bpd from June, data from state-owned marketer SOMO seen by Reuters showed on Wednesday. 563 (exact) [7] The map below shows the exact location of the field: Loading map A map of world oil reserves according to U. Saudi Arabia – 268. Iraqi Prime Minister Mohammed Shia al-Sudani (center) oversees the signing of a contract for the Fao refinery complex in Baghdad Jul 21, 2022 · Unscaled natural resources. 2 million bpd over the last year, before the current drop in production. Qatar. 8 143 Fig. 5 million barrels per day in 2022, an increase when compared to the previous year. 25. Feb 27, 2022 · Iraq stopped oil production from two southern fields with a combined capacity of almost half a million barrels a day. 2% of global reserves. Based on reported reserves, Iraq is the second largest in oil reserves in the Middle East and third largest in the world. Iraq is a country in southwestern Asia. 5% in the last half decade, even as production declined across central and South America by 2. 05 million bbl/y 2023 production design capacity oil 171. Iraq is inviting international energy companies to take part in an energy bidding round to explore and develop natural gas reserves, the country’s oil minister said on Sunday. Venezuela tops the list with 300. Preliminary expectations based on studies presented by the Lukoil indicate oil reserves of between 7 and 12 billion barrels, and a proposed peak production rate of 250,000 barrels per day (bpd). Oil revenue helps Subba Oil Field is an operating oil field in Iraq. 3 million bpd in early 2022. 7 billion. 420 Barrel/Day th in Dec 2022. Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions. 500 Barrel/Day th from Jan 2002 to Apr 2024, with 268 Additional publication details. Many oil fields are scattered around southern and northern Iraq, where the city of Basra is one of the largest cities in Iraq containing oil View. World Oil Reserves Map is a thematic map that provides an overview of the top oil reserves countries. Hussein hoped that Kuwait's oil reserves would help to pay off the massive debt Iraq had accrued in its recent war with Iran, as well as give Iraq significant bargaining power as the gatekeeper to Middle Eastern oil. " Tables and charts: Producing oilfields -- Types of Iraqi oil -- Crude oil Dec 12, 2023 · Reserves include gas condensate and natural gas liquids (NGLs) as well as crude oil. Of those, eight are oil and gasfields and five are exploration sites. The field pumps around 9% of Iraqi total oil production. The total estimated amount of oil in an oil reservoir Jan 10, 2012 · The Not-About-Iraqi-Oil Iraqi Oil Map. Mar 26, 2019 · 25. May 16, 2023 · Powered by automated translation. Lack of investment and restrictions on imports of machinery and technology have taken their toll on the oil industry – which was also battered during the Gulf War. Energy Institute - Statistical Review of World Energy (2023) – with major processing by Our World in Data. It is a small but rich country with only a 2. The government’s additional cumulative oil revenues in 2022—without independent oil sales from the Kurdistan Region of Iraq The Gulf War started on August 2, 1990 when the forces of Iraqi dictator Saddam Hussein invaded oil-rich Kuwait. May 22, 2019 · Oil production in Brazil climbed by 27. e undiscovered prospects and leads) in the subsurface of the Earth's crust. Iraq Crude Oil: Production was reported at 4,181. Iraq's oil production amounted to roughly 4. 95 million bbl/y 2024 Feb 2, 2005 · Iraq has the world’s second-largest proven oil reserves, totaling some 110 to 115 billion barrels. 6 billion. 1 billion barrels of oil, up from a previous 115 billion barrels, the countrys Oil Minister Hussein al-Shahristani has said. The last country on this list with proven crude oil reserves of over 100 billion barrels, Kuwait holds approximately 8% of the world’s known oil reserves. Naft Khana. Iraq’s proven oil reserves of 112 billion barrels are the world’s second largest, behind Saudi Arabia. 4 million b/d, after the OPEC+ members reversed the significant production cuts made in 2020. Apr 26, 2007 · a crude map showing how partition of Iraq into three new countries would divide control of the oil - Oct 4, 2021 · Iraq's Oil Reserves: Untapped Potential . Relief shown by shading. This records a decrease from the previous number of 4,212. Iraqi Prime Minister Mohammed Shia al-Sudani and Masrour Barzani, prime minister of the semi-autonomous Kurdish region, announced the deal at a press conference Tuesday in Baghdad. A document titled Foreign Suitors for Iraqi Oilfield Contracts lists Iraq crude oil reserves was at level of 4,305 thousand barrels per day in January 2024, down from 4,375 thousand barrels per day previous month, this is a change of 1. The shutdowns curtail the ability of OPEC’s second-largest member to pump Jul 22, 2003 · The London Telegraph reports the 16 pages from March 2001, show maps of Iraq oil fields, pipelines, refineries and terminals. 1 These estimates put Iraq third in a listing of global reserves, Table 1. The oil discoveries contain recoverable reserves of about 137 billion barrels of oil (gbo) and 93 trillion 3 days ago · It has been recognized since 1913 as the boundary between western Kuwait and Iraq. Mar 19, 2020 · Dr. 000 Barrel/Day th in Apr 2024. The total estimated amount of oil in an oil reservoir Crude Oil Production in Iraq decreased to 3891 BBL/D/1K in April from 3903 BBL/D/1K in March of 2024. The global R/P ratio shows that oil reserves in 2020 accounted for over 50 years of current production. 85 million bbl/y 2019 production oil 36. While its proven oil reserves of 112 billion barrels ranked Iraq second in the work behind Saudi Arabia, EIA estimated that up to 90-percent of the county remained unexplored due to years of wars and sanctions. For decades now, Saudi Arabia has been famous the world over for its oil reserves. And while most of the U. Iraq may have much more oil, however, as the country is largely unexplored due to years of war Nov 2, 2021 · About three-quarters of Iraq’s natural gas reserves are associated with oil, and most of this associated natural gas is in the supergiant fields in the south. Production. 60%. March saw Iraq’s state-owned Dhi Qar Oil Company (DQOC) formally approve the development of Block 10’s reserves, including May 9, 2018 · Iraq is ranked third in the Organization of Petroleum Exporting Countries (OPEC) in terms of oil reserves, where the reserve is estimated at (115 billion barrels) in 2013, and it ranks eighth This report maps out immediate practical actions and medium-term measures to tackle the most pressing problems in Iraq’s electricity sector. Proved reserves of crude oil as of January 1 of the report year are the estimated quantities of all liquids defined as crude oil, which geological and engineering data demonstrate with reasonable certainty to be recoverable million bbl/y = million barrels of oil per year Category Fuel Description Quantity Units Data Year Source production oil 1. According to the World Bank, Iraq has 145 billion barrels of proven oil reserves amounting to 96 Apr 28, 2023 · Map of World Oil Reserves: Understanding Global Oil Reserves. [1] Iran is an energy superpower and the petroleum industry in Iran plays an important part in it. This amounts to around 17 percent of the Middle East’s overall oil reserves and 8 percent of the world’s total reserves. 9 157. 10,000 million barrels (~1. Description: This map shows the stock of proven oil Mar 28, 2024 · Iraq is the world’s sixth-largest oil producer and OPEC’s second-largest after Saudi Arabia, producing around 4. # Country Oil Reserves Iraq: 145,000 MMbbl: 850,000 Mbbl/d: 4,161. TABLE May 20, 2019 · With a small population, and a wealth of oil — over 25. EIA, 2017. This page provides the latest reported value for - Iraq Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. This records an increase from the previous number of 3,439. invasion of Iraq, the one nearest and dearest to neoconservatives’ political action committees: oil. With oil production of 1. Majnoon Oil Field. Table 4: field-level location details for Majnoon Oil Field. Iraq estimated that US$2. 948 billion in 2020. Next expected update. Data source: Oil and Gas Journal, December 23, 2002. The total price could rise to $20 billion with the construction of a petrochemical plant and power plant. The figure, the first update since 2001, would mean Iraq has the world's second largest reserves, reports Sep 16, 2017 · 2. In the wake of the US invasion of Iraq in 2003 and toppling of Saddam Hussein, foreign investors flocked to the country’s abundant oil fields and contracts were doled out, filling Iraqi state coffers. It was discovered by the Turkish Petroleum Company at Baba Gurgur in 1927. Iraq’s federal government is expected to gain $114 billion in oil rents by the end of 2022, a clear spike from $75. 1 million in 2020 and 2021 to more than 4. mqqwfgwvwdumuilgpotu
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