Crude Oil Reserves ‘Expected to Double’

Posted on 17 March 2012.
The Oil Ministry expects that Iraq’s crude oil reserves will double, the ministry’s official spokesman said on Wednesday.

“The definite crude oil reserves (143 billion barrels) will double … due to the ministry’s activities in exploration and Iraq’s oil licences,” Aasem Jihad told Aswat al-Iraq news agency.

“We hope that Iraq’s fourth round of oil exploration licences would increase the reserves,” he added.

International companies have been invited to compete for the rights to explore for oil and gas in 12 blocks to be auctioned in May.

(Source: Aswat al-Iraq)