Iraq has the fourth-largest proven oil reserves in the world, totaling over 145 billion barrels, according to a statement released Wednesday by the State Organization for Marketing of Oil (SOMO).
As the second-largest oil producer in OPEC, Iraq is home to some of the world’s most extensive oil and gas resources. Its natural gas reserves are currently valued at $514 billion, amounting to 132 trillion cubic feet, while its oil reserves are estimated at $10.6 trillion.
In 2024, Iraq’s oil exports generated nearly $99 billion, underscoring the vital role of the sector in the national economy.
To further strengthen its energy output, the Iraqi government aims to increase daily oil production from four million to six million barrels by 2029. Several major infrastructure projects are underway across different provinces to help meet this goal.
The country has attracted significant foreign investment in its energy sector. British Petroleum (BP) has committed $25 billion to oil field development, while France’s TotalEnergies is investing $27 billion in a range of energy projects. Chinese firms such as Sinopec, CNOOC, and PetroChina have also made major investments.
In addition, Iraq is encouraging American companies to support its efforts to achieve energy self-sufficiency, particularly in electricity generation. These efforts are complemented by regional power grid connections and a growing number of renewable energy initiatives.
Source: IraqiNews.com
