The Presence of 10 giant oil fields in Iraq

An Iraqi oil expert stated that it is anticipated that total 10 oil fields are present in Iraq. Mr Hamza al Jawahiri, an oil expert, reported that presently the country has 5 super giant oil fields. After the discovery of 100 oilfields recently, it can be stated that at least 5 more super oilfields are there in the country. The fifth round of energy licenses' contracts will focus on gas only. It has also been expected that the future contracts will include a very important clause which is if Iraq discovered oil fields, it is not obliged to develop it by foreign companies.

He also stated that “Iraq has 520 oil and gas geological compositions, only 114 are discovered, while the developed of these fields are 23, we have a lot to do as we did not take advantage so far but of simple part of them”.

Recently, it has been revealed by the TV and news channels that Russian oil company, one of the oil majors of the world, Rosneft has announced its desire to work in Iraqi oilfields and explore the rich natural oil resources of the country.
It has to be noted that the CEO of Rosneft company and the Head of Rustic Russian Technologies company, Mr. Sergei Chemezov, met Prime Minister of Iraq recently and expressed their desire to work in the Iraqi oilfields.

Russian President, Mr. Vladimir Putin has also announced the growing activities of his country’s oil companies in Iraq. Previously, Lukoil has participated in oil exploration activates in Iraq. Mr. Abdul Karim al Laeebi, Oil minister of Iraq, confirmed that oil production of Iraq will reach 3.7 million barrels per day by this year. This is just a step lesser than the record oil production that took place in the country, way behind in 1979, when production reached 3.8 million barrels per day. The volume of exports would reach 2.9 million bpd, including 250 thousand of from Kurdistan Region.