Iraq has recently discovered a huge crude oil reserves in the southeastern province of Maysan after its state-run petroleum output companies conducted the first exploration activities in almost three decades.
Assem Jihad, who is the spokesman of the Oil Ministry of Iraq, stated to the media on Sunday (20th January, 2013) that the exploration began in Maysan, on the border with neighboring Iran, last year and the reserves of crude equal to one billion barrels of oil were discovered after researches were commissioned.
Assem Jihad also termed the discovery as a huge success for the oil industry of Iraq.
The initial assessment from this discovery is about one billion barrels of oil, Jihad added, it will certainly amplify the production capability for Maysan Oil Company.
Iraq depends on the oil revenues to a great extent for supporting most of the state expenses.
In recent years, the government in Baghdad has explored avenues for increasing the oil production in order to finance infrastructure projects across Iraq.
Iraq has proven reserves of 143.1 billion barrels of crude oil and 3.2 trillion cubic meters (111.9 trillion cubic feet) of natural gas.
Source: [Press TV]