Iraq revives northern oil exploration after nearly 50 years
Shafaq News- Baghdad
Iraq has begun drilling a new exploratory well in the Amerli district of Saladin province, marking the first such project in the country's northern provinces since 1978.
The Iraqi Drilling Company said its technical and engineering teams have started work on the well under a tripartite contract involving the North Oil Company (NOC), the Iraqi Drilling Company, and the Oil Exploration Company.
Oil Minister Bassem Mohammed Khudair said, in a statement, that the ministry is moving forward with plans to expand exploration operations and maximize the use of geological and geophysical data to boost the country's hydrocarbon reserves. "The ministry has adopted a clear strategy focused on expanding exploratory drilling and enhancing oil and gas reserves to support Iraq's economic development plans," Khudair added.
He noted that increasing proven oil and gas reserves and replacing depleted resources remain strategic priorities for the ministry, noting that expanding Iraq's hydrocarbon base would strengthen the country's future production capacity and reinforce its position in global energy markets.
According to data from the US Energy Information Administration (EIA) and recent assessments by S&P Global, Iraq holds more than 145 billion barrels of proven crude oil reserves, while oil accounts for around 90% of state revenues and 95% of export earnings.
