Iraq Has 143 Billion Barrels of Oil, Third Largest Oil Producer After Saudi Arabia and Venezuela

'Iraq world's 3rd oil reserves holder'

Press TV, Mon Oct 4, 2010, 6:27PM

Iraq has raised its proven oil reserves figure to 143 billion barrels and become the world's third-largest reserves holder after Saudi Arabia and Venezuela.

Considering new estimates at West Qurna and Zubair fields, Iraq's proven oil reserves have reached 143 billion barrels which allows Baghdad to replace Iran as the world's third reserves holder after Saudi Arabia and Venezuela.

"The oil reserve is for 66 discovered oilfields in Iraq, and there are many others that have not been discovered yet," Reuters quoted Iraq's Oil Minister Hussain al-Shahristani as saying on Monday.

"It is expected this figure will be increased when these oilfields are discovered."

Shahristani said the West Qurna was now the world's second-largest field, and added that the return of global oil firms to Iraq had helped the discovery of more oil reserves.

MYA/HGH/MMN

Oil minister: Iraq’s oil reserve 505b barrels

October 4, 2010 - 11:51:44

BAGHDAD / Aswat al-Iraq:

Iraq’s oil reserve underground is estimated at 505 billion barrels, the Iraqi Oil Minister Hussein al-Shahrastani said on Monday.

“The reserve that can be extracted is estimated at 143 billion barrels,” al-Shahrestani told the press.

He explained that the estimations were made in coordination with “oil companies.”

“The al-Qurna oilfield in Basra (southern Iraq) is the biggest in the country, with a reserve totaling at 43 billion barrels,” al-Shahrestani added.

He noted that the al-Qurna oilfield is the second biggest throughout the world.

MH (P)/SR

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