Iraq's oil licensing rounds generate nearly a trillion dollars in revenue

Shafaq News / The Iraqi Ministry of Oil announced on Wednesday that its oil licensing rounds over the past two decades have yielded approximately one trillion dollars in financial revenue for the state treasury.

This revelation was made by the Deputy Minister of Oil for Distribution Affairs, Ali Ma'araj, on the sidelines of his participation in the inauguration of the new tanker, "Sumer," at the Khor Al-Zubair Port in the Basra Governorate.

Ma'araj, as stated in a press release issued by the Ministry of Oil, commended the national effort and achievements of the oil sector since 2003. He highlighted the sector's contributions to increasing production and exports while generating substantial financial revenue for the state treasury.

He underscored the significance of the oil licensing rounds, which have added approximately three million barrels to national production and generated financial revenues exceeding 900 billion dollars.