Oil reserves in Iraq are considered the world's fifth-largest proven oil reserves, with 140 billion barrels.[1][2]
As a result of military occupation and civil unrest, the official statistics have not been revised since 2001 and are largely based on 2-D seismic data from three decades ago. International geologists and consultants have estimated that unexplored territory may contain vastly larger reserves. The majority of Iraq's proven reserves of oil comes from the following cities: Basra (Being #1), Baghdad (Being #2), Ramadi (Being #3), and finally, Ba'aj (Being the last oil rich city).[3]
A measure of the uncertainty about Iraq's oil reserves is indicated by widely differing estimates. The U.S. Department of Energy (DOE) estimated in 2003 that Iraq had 112 billion barrels (17.8×10^9 m3). The United States Geological Survey (USGS) in 1995 estimated proven reserves were 78 Gbbl (12.4×10^9 m3). Iraq's prewar deputy oil minister said that potential reserves might be 300 Gbbl (48×10^9 m3). The source of the uncertainty is that due to decades of war and unrest, many of Iraq's oil wells are run down and unkept. Repairs to the wells and oil facilities should make far more oil available economically from the same deposits. Iraq may prove to contain the largest extractable deposits of oil in the entire Middle East once these upgrading and facility improvements have advanced.[4]
This section possibly contains original research. Please improve it by verifying the claims made and adding inline citations. Statements consisting only of original research should be removed.(February 2014) (Learn how and when to remove this message)
After more than a decade of sanctions and two Gulf Wars, Iraq's oil infrastructure needs modernization and investment. Despite a large reconstruction effort, the Iraqi oil industry has not been able to meet hydrocarbon production and export targets. The World Bank estimates that an additional $1 billion per year would need to be invested just to maintain current production. Long-term Iraq reconstruction costs could reach $100 billion or higher, of which more than a third will go to the oil, gas and electricity sectors. Another challenge to Iraq's development of the oil sector is that resources are not evenly divided across sectarian lines. Most known resources are in the Shiite areas of the south and the Kurdish areas of the north, with few resources in control of the Sunni population in the center.
In 2006, Iraq's oil production averaged 2.0 million barrels per day (320×10^3 m3/d), down from around 2.6 Mbbl/d (410×10^3 m3/d) of production prior to the coalition invasion in 2003.[3] Iraq's reserve to production ratio is 158 years. After the end of the invasion the production increased on a high level, even though there is an invasion from the self-proclaimed Islamic State of Iraq and the Levant the production in March 2016 stood at 4.55 million barrels a day. Which seems to well become a new all-time peak year for Iraq if OPEC talks about freezing or reduce production held in April 2016 will not lead to a reduction. The old peak was 1979 with 171.6 million tons of oil compared to 136.9 million tons produced in 2011 and 152.4 million tons in 2012.[5]
^"International Energy Statistics". Eia.gov. Archived from the original on 2017-04-27. Retrieved 2017-04-24.
^"OPEC Share of World Crude Oil Reserves". OPEC. Archived from the original on 10 January 2015. Retrieved 11 January 2015.
^ ab"Iraq Oil". Country Analysis Briefs. US Energy Information Administration. 2007. Archived from the original on 2008-05-09. Retrieved 2008-04-27.
^Gal Luft (2003). "How Much Oil Does Iraq Have?". The Brookings Institution. Archived from the original on 2017-04-25. Retrieved 2017-04-24. {{cite journal}}: Cite journal requires |journal= (help)
^"statistical review of world energy 2013" (PDF). British Petroleum. Archived (PDF) from the original on 31 January 2016. Retrieved 16 April 2016.
and 26 Related for: Oil reserves in Iraq information
OilreservesinIraq are considered the world's fifth-largest proven oilreserves, with 140 billion barrels. As a result of military occupation and civil...
Iraq was the world's 5th largest oil producer in 2009, and has the world's fifth largest proven petroleum reserves. Just a fraction of Iraq's known fields...
company of the Iraq Petroleum Company (IPC), the field is estimated to contain 17 billion barrels, which accounts for 12% of Iraq'soilreserves, estimated...
Proven oilreservesin Iran, according to its government, rank fourth largest in the world at approximately as of 2013, although it ranks third if Canadian...
The Iraq Petroleum Company (IPC), formerly known as the Turkish Petroleum Company (TPC), is an oil company that had a virtual monopoly on all oil exploration...
of Iraq is dominated by the oil sector, which has provided about 99.7% of foreign exchange earnings during its modern history. As of 2021, the oil sector...
Iraq's large oilreserves have attracted attention from the United Kingdom, a country with a high demand for (and a low supply of) oil. British involvement...
recoverable reserves of oilin Russia under category ABC1 (equivalent to proven reserves) were 17.8 billion tons and category C2 reserves (equivalent...
of 31 Dec 2014) Reserves amounts are listed in millions of barrels. .00 * indicates "Oilreservesin COUNTRY or TERRITORY" or "Energy in COUNTRY or TERRITORY"...
The proven oilreservesin Venezuela are recognized as the largest in the world, totaling 300 billion barrels (4.8×1010 m3) as of 1 January 2014. The 2019...
largest oilreservesin the world after Venezuela and Saudi Arabia and is a leading center of oil and gas industry. Since its independence, Iraq has experienced...
The Iraq National Oil Company (INOC) was founded in 1966 by the Iraqi government. It was empowered to operate all aspects of the oil industry inIraq except...
Oilreservesin Kuwait make up 8% of the oilreservesin the world. Kuwait is OPEC's third largest oil producer and claims to hold approximately 104 billion...
Energy inIraq plays a crucial role in both the national economy and the global energy markets due to the country's vast oilreserves and significant status...
and current extraction technology. Oil shale reserves (perhaps 3 trillion barrels (4.8×1011 m3)) and coal reserves, both of which can be converted to...
ally Kuwait of slant-drilling the oilreservesinIraq and occupied Kuwait, initiating the Gulf War (1990–1991). Iraq was defeated by a multinational coalition...
The Iraq War (Arabic: حرب العراق, romanized: ḥarb al-ʿirāq), sometimes called the Second Persian Gulf War was a protracted armed conflict inIraq from...
the world's estimated oil and gas reserves are in countries that allow private international companies free rein. Fully 65% are in the hands of state-owned...
The 1990 oil price shock occurred in response to the Iraqi invasion of Kuwait on August 2, 1990, Saddam Hussein's second invasion of a fellow OPEC member...
of Oil (SOMO) is an Iraqi national company responsible for marketing Iraq'soil. It is headquartered in Baghdad, Iraq. The company was founded in 1998...
March 2018, India had estimated crude oilreserves of 594.49 million metric tonnes (Mt) and natural gas reserves of 1339.57 billion cubic metres of natural...
important part of northern Iraqioil production with over 10 billion barrels (1.6 billion cubic metres) of proven remaining oilreservesin 1998. After about seven...
Joint reserves of the two companies are about 8.7 billion barrels (1.38×109 m3) of oil equivalent. (AP) March 15: OPEC oil ministers meeting in Vienna...
It will begin production in 2018 and will produce oil. The total proven reserves of the Ratawi oil field are around 10 billion barrels (1.6×109 m3), and...