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.
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