Dinar Iraq News
Iraq owns 11 percent of world’s oil riches
By Zeena Sami Jun
30
2012
Iraq sits on 11 percent of the world’s proven oil reserves at a time
there are more than 400 newly discovered locations wit h potential of
holding massive hydrocarbon riches, according to Deputy Prime Minister
Husain Shahristani.
Shahristani is currently visiting Indonesia and his latest remarks
were made in a statement sent to the newspaper by his Baghdad office.
Translating 11 percent into barrels it means that Iraq’s proven oil reserves exceed 115 billion barrels.
While Iraq’s volume of reserves is widely known, the statement’s
reference to the discovery of 400 new locations with potential of
containing huge reserves is bound to even boost Iraq’s standing in
international energy markets.
The statement by Shahristani’s Baghdad office said the deputy premier
was referring to the latest satellite and geological surveys of Iraq
and the results scientists have reached following their analysis of
their pictures.
“There are more than 400 probable hydrocarbon sites in Iraq which
have not been developed yet. According to satellite surveys it is likely
that they hold massive volumes of oil and gas,” the statement quoted
Shahristani as telling his Indonesian hosts.
Shahristani, according to the statement, assured Indonesian officials
of Iraq’s capability of meeting their needs for oil and gas.
The statement reported Shahristani as telling Indonesian officials
that the countries had bright future for bilateral trade and that
Baghdad can help Jakarta to sustain and substantially increase its
agricultural output.
Besides its massive oil riches, Iraq holds the world’s second largest
reserves of phosphate mostly in its western desert. The desert’s
phosphate rock reserves of 5.7 billion tons – the world’s second largest
after Morocco – were ascertained by a team of U.S. geologists in 2011.
“Iraq plans to become a world leader in manufacturing fertilizers as
its land is extremely rich with phosphate and gas,” Shahristani said.
He said Iraq was looking ahead to become Indonesia’s main supplier of
energy and fertilizers and at the same time hoping that Indonesia will
become Iraq’s main source of agricultural products.
Iraq’s earnings from oil exports are mushrooming due to firmer and
higher output.This year’s oil royalties are estimated to hit $120
billion, the highest ever in Iraq’s history.
Iraq currently exports an average of 2.9 million barrels a day.
<< Back