• Courage to do right

    A number of factors will impede Zuma’s opportunity to have a ‘Lula moment’, says Prof Dirk Kotze.

  • #Budget2016

    Possible steps that can be taken in the National Budget to avert a junk status.

  • No ordinary SONA

    A weak president presiding over a racially polarised nation faces a serious task.

All data is delayed
Loading...
See More

Iraq discovers giant oil field

Jan 21 2013 07:53
AFP

Bagdad - Iraq said on Sunday it has discovered deposits of crude equivalent to one billion barrels of oil after the first exploration work by state-owned firms in almost 30 years. 

The deposits were found after exploration in Maysan province, in southern Iraq near the border with Iran, and could potentially make a significant addition to Baghdad's already substantial reserves. 

"Exploration began in Maysan, south of (provincial capital) Amara" last year, oil ministry spokesperson Assem Jihad said.

"Today, it completed 100% and achieved a big success. 

"The initial assessment from this discovery is about one billion barrels of oil," he said, adding: "It will increase production capacity for (state-owned) Maysan Oil Company." 

Jihad said the state-owned oil exploration firm had been carrying out its first exploration work within Iraq in nearly three decades. 

Iraq, which is highly dependent on oil sales for government revenue, has sought in recent years to dramatically ramp up production and exploration in order to help rebuild its conflict-battered economy and infrastructure. 

The country has proven reserves of 143.1 billion barrels of oil and 3.2 trillion cubic metres (111.9 trillion cubic feet) of gas, both of which are among the largest in the world.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

iraq  |  oil

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
2 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The regulation of WhatsApp and other OTTs is:

Previous results · Suggest a vote

Loading...