Iraq has raised its estimated proven crude oil reserves to 150 billion barrels from 143 billion barrels, with more oil discovered in oil fields being upgraded by international oil companies and from a new oil field in southern Iraq, the Iraqi oil minister said Wednesday.
Iraq
has
raised its estimated proven crude oil reserves to 150 billion barrels from 143
billion barrels, with more oil discovered in oil fields being upgraded by
international oil companies and from a new oil field in southern
Iraq
, the
Iraqi oil minister said Wednesday.
"The calculations that we have carried, indicated that our oil reserves
have increased to 150 billion barrels," Abdul Kareem Luaiby told
reporters.
The new reserves come from Dima oil field and from other fields, Mr. Luaiby
said. Dima is in Missan province, southeast of
Baghdad
near
the border with
Iran
.
The state-owned Missan Oil Co. restarted work at the field in January 2012. In
February 2013, the firm completed its first exploration well and found oil in
the field.
If the new added reserves were confirmed,
Iraq
, a
member of the Organization of the Petroleum Exporting Countries, will rank as
the world's No. 3 in crude oil reserves after
Saudi
Arabia
and
Canada
.
Iraq
's
proven oil reserves don't include those of the semi-autonomous region of
Kurdistan
,
where many international oil companies are carrying out exploration and early
development. Kurdish officials have estimated some 40 billion barrels of oil in
Kurdistan
.
Mr. Luaiby also said
Iraq
is
producing some 3.150 million barrels a day now and it is expected to add around
200,000 barrels a day by the end of this year from fields such as Majnoon and
Garraf which is being developed by consortia led by Royal Dutch Shell PLC
(RDSA) and
Malaysia
's
Petronas, respectively.
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