Iraq has discovered a new giant oil field. This country ranks fifth in the world in proven reserves, estimated at 145 billion barrels, which accounts for about 17 percent of all reserves in the Middle East and nearly 8 percent of global reserves.
Iraq's Ministry of Oil has announced the discovery of a large oil field in the southern province of Najaf, near the border with Saudi Arabia.
This discovery is considered one of the most significant in Iraq's energy sector in recent times, as initial estimates suggest that one of the exploration blocks contains vast reserves exceeding 8.8 billion barrels of crude oil.
The Qurnain block is located in southwestern Iraq in Najaf province, approximately 180 kilometers from Baghdad, along the Iraq-Saudi Arabia border. It is one of the most promising areas for oil exploration, covering an area of 8,773 square kilometers. A contract for the development, exploration, and production of oil there was signed on October 17, 2024.
According to the ministry, drilling operations at the Shams-11 exploratory well revealed the presence of light oil with an initial production rate of 3,248 barrels per day.
This statement was made during an official meeting between Iraq's Minister of Oil Hayyan Abdul Ghani and representatives of the Chinese company ZhenHua Oil, during which they reviewed the progress made at the Qurnain site and discussed the use of advanced drilling technologies that would enhance the efficiency of exploration and production operations and expedite the development phases.
ZhenHua, through its subsidiary Qurnain Petroleum Limited, is the main operator of exploratory drilling and seismic survey work in partnership with the Iraqi side.
The Chinese company presented a plan for rapid investments aimed at accelerating the development of the field and hastening its transition to commercial production, the Ministry of Oil reported.
Baghdad is working to expedite a strategic project to construct a massive pipeline connecting the Basra province in the south of the country with the city of Haditha in Anbar province near the border with Syria, with a planned export capacity of 2.5 million barrels per day.
Meanwhile, Iraq is facing pressure on oil exports due to the war in the Middle East and disruptions in the Strait of Hormuz, which is a vital corridor for the supply of Iraqi energy resources to global markets.
Before the escalation of tensions in the region, Iraq was producing about 4.5 million barrels of oil per day, making it the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), and exporting about 3.5 million barrels per day, approximately 90 percent of which passed through the strategic Strait of Hormuz.
According to official data from the Ministry of Oil, in March, oil exports from Iraq fell to 18.6 million barrels, and revenues from these sales amounted to $1.96 billion, nearly 81 percent less than in February, when Iraq exported over 99 million barrels, and revenues from this amounted to $6.81 billion.
According to estimates from the U.S. Energy Information Administration (EIA), Iraq ranks fifth in the world in proven oil reserves, estimated at 145 billion barrels, which accounts for about 17 percent of the total reserves in the Middle East and 8 percent of global reserves.
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