MOO: Expectations to add up to oil stocks and reserves

Saturday 21st December 2019 - 16:21

MOO: Expectations to add up to oil stocks and reserves


Deputy Prime Minister for Energy and the Minister of Oil Thamer Abbas Al-Ghadban expected to add new quantities of hydrocarbon wealth (oil, gas) to the stock and reserves of Iraq during the coming period.

This came during a specialized technical meeting for the team assigned to the Petroleum Exploration Company and the Department of Reserves and Field Development at the Ministry’s center chaired by al-Ghadban.

The meeting came to prepare studies and technical surveys for new sites throughout the country with the aim of updating information related to the size of oil stocks and reserves as well as identifying new sites in order to develop appropriate plans for exploration, development and optimal investment.

“Technical studies and geological research prepared by the specialized team have indicated that are there large areas in the western region, as well as the central and southern governorates of Iraq, that include hydrocarbon compositions and promising opportunities for investment,” al-Ghadban added.

This will result in adding new large quantities to the size of the oil reserve and then to the reserve of the hydrocarbon wealth (oil, gas) and new promising areas will enter the traditional production system too.

"Through his interest in the oil exploration sector and his importance in maximizing oil and gas reserves, which is estimated at more than 112 billion barrels, and the reserve that exceeds 143 billion barrels, he instructed earlier to the formation of a specialized technical committee working to update the information related to oil and gas in order to develop appropriate future plans,” said the Ministry’s spokesman Assim Jihad.