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Monday October 4th - Iraq Will Announce A Significant Increase In Oil Reserves

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Thursday, 30 September 2010

A spokesman for the Iraqi Oil Ministry said on Thursday that Iraq will announce on Monday a "significant increase" in oil reserves, currently estimated by 115 billion barrels ...

And Iraq's proven reserves of crude oil is the third largest reserves in the world.

The government signed agreements with international companies to increase production capacity from 2.5 million barrels per day currently to nearly 12 million barrels.

A spokesman said the ministry's oil minister Hussain al-Shahristani will announce on Monday a new record for the highest reserves and will include a significant increase compared with the old number of about 115 billion barrels.

Shahristani was quoted as saying that the new figure will be very important for Iraq.

He added that the large increase will provide an incentive and to encourage oil companies to operate in Iraq.

Among the companies that signed contracts to develop oil fields in Iraq a big Exxon Mobil lobby. BP and Shell and Russia's Lukoil and Italy's Eni Lucy.

The Iraqi government said in the past she believed that the actual reserves are up to three times the current figure.


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