Iraq says he owns 11% of global oil reserves

Erbil, June 27 (Rn) – Deputy Prime Minister for Energy, Hussain al-Shahristani said in a statement that Iraq has 11% of global oil reserves and that he is about to invest this energy in the coming years.

Iraq seeks to boost oil production to lesbian in three years with his recovery from decades of war and sanctions and is expected to implement the largest expansion in production capacity of oil in the world in 2012 with the opening of new outlets.

And Iraq has the fourth-largest oil reserves in the world is estimated at 115 billion barrels, and entered into agreements with international energy companies to raise production to 12 million barrels per day by 2017.

Shahristani said in a seminar delivered at the Council of the Indonesian capital, Jakarta, foreign policy that Iraq has large stocks of oil and gas where it’s at least 11% of the total world oil reserves; in addition to a large stock of gas will be invested in the coming years.

He added that “there are more than 400 sites in Iraq’s hydrocarbon potential has not been excavated, but under a possible satellite surveys that contain a large inventory of oil and gas.”

He says that “Iraq has large quantities of natural gas, which will raise its capacity to export gas to high levels in the coming years,” referring to the “Iraqi government’s willingness to support Indonesia to meet its needs of crude oil.”

Exports amounted to 2.452 million of Iraqi crude in May compared to 2.508 million barrels in April and is priced at an average of $ 105 per barrel.

And since the beginning of 2012 to May, Iraq’s oil revenues reached $ 39 billion and the average sales price of $ 112 a barrel.