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Minister of Oil: We hope to announce an increase in Iraq’s oil reserves to 160 billion barrels
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2024-05-11 02:45
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2024-05-11 02:45
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Shafaq News/ On Saturday, Iraqi Oil Minister Hayan Abdul Ghani expressed his hope that the country’s oil reserves would be announced to rise to 160 billion barrels during the coming period.
This came in a speech in which he opened the ceremony for the launch of the fifth supplementary licensing round and the sixth round, which includes 29 projects for oil and gas exploratory fields and blocks, distributed among 12 Iraqi governorates.
The minister said in the speech, “Licensing rounds have the effect of adding two million barrels of oil to national production,” adding that “these projects will provide job opportunities, stimulate the economy in those areas, and meet the growing needs for gas.”
He added that the ministry "has achieved important steps to preserve and sustain the increase in national production, and seek to add new quantities of oil. We hope to announce an increase in oil reserves to 160 billion barrels, and this will enhance Iraq's role in the oil industry."
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This came in a speech in which he opened the ceremony for the launch of the fifth supplementary licensing round and the sixth round, which includes 29 projects for oil and gas exploratory fields and blocks, distributed among 12 Iraqi governorates.
The minister said in the speech, “Licensing rounds have the effect of adding two million barrels of oil to national production,” adding that “these projects will provide job opportunities, stimulate the economy in those areas, and meet the growing needs for gas.”
He added that the ministry "has achieved important steps to preserve and sustain the increase in national production, and seek to add new quantities of oil. We hope to announce an increase in oil reserves to 160 billion barrels, and this will enhance Iraq's role in the oil industry."
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