Oil: We plan to explore oil and gas in offshore fields


Economy News / Baghdad ...

The Minister of Oil Jabar Luaibi, today announced the intention of Iraq to start oil and gas exploration in the offshore fields, directed at oil exploration company to increase the country's gas reserves.

According to a ministry statement, "Economy News" received a copy of it, the face of Allaibi oil exploration company out of the territorial waters to determine the hydrocarbon reserves, in order to "enhance the ability of Iraq's economic and prestige regionally and internationally."

The ministry announced last week, increasing the country's oil reserves to 153 billion barrels from 143 billion barrels in the previous estimates.

It is noteworthy that Iraq's gas reserves of 131 trillion cubic feet of natural gas, with a total reserve of associated gas 98.3 trillion cubic feet, representing 75% of total reserves of natural gas. The total reserves of free gas is 32.7 trillion cubic feet, representing 25% of the country's gas reserves. Thus, Iraq is ranked eleventh in the world.