Iraq announces the discovery of a significant oil field

In a company statement, Mohammed Yassin Hassan, the Director General, announced that a recent discovery is projected to boost Iraq’s oil reserves by over 2 billion barrels.

According to a report by Xinhua, initial assessments of the well indicated a production potential of up to 5,000 barrels of crude oil per day. This discovery is deemed strategically significant, as it contributes to Iraq’s oil reserves and bolsters the country’s production capabilities.

Iraq, a key member of the Organization of the Petroleum Exporting Countries (OPEC), possesses in excess of 145 billion barrels of confirmed oil reserves.

The nation’s economy is predominantly dependent on crude oil exports, which constitute over 90 percent of its revenue stream.