Iraq must develop hundreds of oilfields

Nov 11, 2001 01:00 AM

Iraq needs to develop hundreds of oilfields a year to become the world's top oil reservoir, I2aqi Oil Minister Amer Mohammad Rashid said. "Iraq needs to develop hundreds of oilfields a year to turn its potential reserves into proven reserves and become the world's top reservoir," he said. "To that end, Iraq will resort to foreign firms in the short term, while favouring domestic and Arab firms in oil prospecting," he said.

Iraq's proven reserves currently stand at 112 bn barrels, leaving it in second place behind Saudi Arabia, whose reserves are estimated at 261 bn barrels. Rashid said in August that Iraq aims to increase its oil reserves to 270 bn barrels by transforming potential reserves into proven reserves. The Iraqi minister also called again for an "immediate cut" of OPEC's output by 1.5 mm bpd in order to boost slumping oil prices.
"Iraq will urge the OPEC conference (scheduled in Vienna) to slash output immediately by 1.5 mm bpd in order to eliminate the glut on the oil market," he said. Iraq, which has been under a UN embargo since August 1990, is excluded from OPEC's output quota system.

Source: AFP
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