Iraq Hopes to Increase Oil Reserves

Iraqi Oil Minister Hayyan Abdul-Ghani expressed hope on Saturday that "the country's oil reserves will exceed 160 billion barrels, during the launch of new licensing rounds for the investment of 29 oil and gas fields and exploratory blocks." During the opening ceremony for the licensing rounds, which will last three days, Abdul-Ghani stated that "today, the ministry is presenting 29 promising projects as part of the fifth supplementary and sixth licensing rounds, to embark on a new phase towards advancing the oil and gas industry after five licensing rounds started in 2008." The two rounds include fields and exploratory blocks in 12 provinces and areas located in Iraqi territorial waters. Abdul-Ghani pointed out that they "hope to announce in the upcoming period, God willing, an increase in proven oil reserves to more than 160 billion barrels," confirming that the government will support the winning companies and provide them with the necessary facilities. Prime Minister Muhammad Shia’ al-Sudani added at the launch of the round that "Iraq expects to obtain more than 3,459 million standard cubic feet of gas per day and more than one million barrels of oil per day through these two rounds."