Minister of Oil: We will announce an increase in Iraq’s oil reserves to 160 billion barrels

Oil Minister Hayyan Abdul-Ghani confirmed that the government is proceeding with the development of exploratory patches and oil and gas fields, and we will announce that the Iraqi oil reserve will rise to 160 billion barrels.

The Minister of Oil said in a speech at the launching ceremony of the fifth and sixth licensing rounds: ‘Today, the Ministry is presenting 29 promising projects within these licenses to develop industry and gas wealth, within the government program.’

He added: ‘The licensing rounds have the effect of adding two million barrels of oil to national production,’ noting: ‘These projects will provide job opportunities, stimulate the economy in those areas, and meet the growing needs for gas.

Source: National Iraqi News Agency