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Iraq's Ministry of Oil Announces Plans to Begin Offshore Oil Exploration

Iraq’s Oil Minister, Jabbar al-Luaibi has released a statement indicating Iraq will begin offshore oil and gas exploration to increase the country’s crude reserves.

Iraq’s Oil Minister, Jabbar al-Luaibi has released a statement indicating Iraq will begin offshore oil and gas exploration to increase the country’s crude reserves. Mr. al-Luaibi also said he “gave guidance to the Oil Exploration Company about the importance of exploring territorial waters to assess the hydrocarbons reserves and to boost Iraq’s capacity". 

In an announcement last week, the Ministry of Oil announced an increase in oil reserves from 143 to 153 billion barrels of oil. In the last two years, Iraq has increased oil reserves with the help of foreign operators which have helped Iraq become the second largest OPEC producer after Saudi Arabia. 
Iraq joined all OPEC nations to cut oil production in an agreement in November to increase oil prices. 

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