Iraq’s North Oil Company (NOC) and the Chinese Energy and Building Services (EBS) jointly announced a significant oil discovery in the South East Baghdad field, Shafaq News reported on January 20.
The new discovery is expected to add over 2bn barrels to Iraq's oil reserves. The discovery is the largest oil finding in central Iraq. Initial well tests showed a rate of 5,000 barrels per day (bpd) of crude oil.
NOC director general Mohammed Yassin Hassan said that the main exploratory well testing in the East Baghdad field was successful. He anticipates high production flow of medium and light crude oil.
The new discovery is expected to add over 2bn barrels to Iraq's oil reserves. The discovery is the largest oil finding in central Iraq.
Hassan commended the productive cooperation between Iraqi engineers at NOC and their EBS counterparts. Such collaboration resulted in precise planning and successful implementation of the well-testing procedures in the field areas.
The discovery has strategic importance for Iraq. It enhances the country’s already plentiful oil reserves. Iraq possesses the fifth-largest oil reserves in the world.
The discovery also boosts Iraq's production capacity and reinforces its crucial role in the international energy market as a founding member of OPEC.
Related Articles
Second Russian LNG tanker arrives in Chinese port defying sanctions
A second vessel transporting LNG from Russia’s sanctioned Arctic LNG 2 terminal has docked at a Chinese port, Reuters reported on September 6 citing ship tracking data from the London Stock ... more
Power of Siberia 2 gas pipeline deal with China to cut Russian domestic supplies
Completing the Power of Siberia 2 (POS2) gas pipeline linking China to Russia’s Yamal gas fields may reduce the amount of gas available to the domestic market, Russian Energy Minister Sergey ... more
Russia inks Power of Siberia 2 pipeline memorandum with China and Mongolia
Russia has signed a "legally binding memorandum" on the construction of a second gas pipeline to China, Power of Siberia 2, including a transit branch, Soyuz Vostok, that will run across Mongolian ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
21 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago