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Minister of Oil Aims to Establish 170 Billion Barrels in Oil Reserves in Iraq

He pointed out that the ministry is trying to increase its oil and gas reserves through drilling more wells

Baghdad/ Iraq TradeLink: Iraqi Oil Minister Jabbar al-Li'aibi disclosed that Iraq aspires to increase its oil reserves to 170 billion barrels within the coming two years.

During a meeting with the South Korean Minister of Transport Kang Ho-in, Minister al-Li'aibi pointed that Iraq was able to add 10 billion barrels to its oil reserves which reached to 153 billion barrels.

He pointed out that the ministry is trying to increase its oil and gas reserves through drilling more wells.

"Iraqi gas reserves are estimated to reach 30 billion cubic feet", he added.

Minister al-Li'aibi called the South Korean companies to invest in Iraqi oil infrastructures and arranging partnerships in ship building and drilling.

"Iraq is planning to build a fleet to transport its oil", he confirmed.

Source: Iraq TradeLink

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