JACKPOT for this Muslim country as treasure worth billions of dollars found…, not Pakistan, Iran, Saudi Arabia or UAE

Iraq crude oil reserves: In a share of good news for a country that has viewed years of wars and pain, Iraqi Midland Oil Company has provided that a gigantic reserve of crude oil (dim gold) has been reportedly chanced on in eastern Baghdad, Iraq. The news is a extraordinarily big change for Iraq as the win of the new crude oil reserves is anticipated in an effort to add more than two billion barrels of new oil to Iraq’s oil reserves. Right here are all of the details you non-public to hang about Iraq’s new crude oil reserves.

Within the new announcement, oil company director weird and wonderful Mohammad Yasin Hassan has claimed that in preliminary assessments, 5 thousand barrels of crude oil are coming out of this successfully on each day basis. Moreover, he additionally added that the take care of of dim gold chanced on underground is terribly major for Iraq’s financial system. Readers should payment that more than 90 p.c of Iraq’s income comes from crude oil exports.

Iraq to effect take care of Halliburton to develop Nahr Bin Omar oilfield

Iraq and US oil services agency Halliburton are shut to finalizing an settlement to develop the Nahr Bin Omar oilfield, the high of Iraq‘s Basra Oil Company (BOC) told Reuters on January 16.

Bassem Abdul Karim, director weird and wonderful of assert-stoop BOC, acknowledged Iraq‘s oil ministry and Halliburton are anticipated to effect a confidentiality settlement in the arriving days, after which Iraq will provide Halliburton with knowledge on the Nahr Bin Omar discipline and its installations.

Below the deal, Halliburton will reduction Iraq in rising manufacturing on the discipline to 300,000 barrels per day (bpd), Abdul Karim acknowledged, though he did not specify a timeline. The discipline on the moment produces spherical 50,000 bpd.

“Halliburton will additionally reduction Iraq to provide 300 million cubic feet of gasoline from the discipline,” acknowledged Abul Karim.

Abdul Karim acknowledged oil manufacturing on the West Qurna 1 discipline, operated by PetroChina in southern Iraq, is anticipated to attain 750,000 bpd by the pause of 2025, up from the new 550,000 bpd. PetroChina holds one of the best stake in the discipline following Exxon’s exit.

To chop again its gasoline import bill, Iraq has selected China Petroleum Engineering & Construction Company (CPECC) to develop a $1.7 billion gasoline mission on the Nahr Bin Omar discipline, which is in a predicament to provide 300 million customary cubic feet (mscf) of gasoline, in preserving with the BOC supervisor.

(With inputs from agencies)