The Iraqi Midland Oil Company, which is state-owned, has announced the discovery of significant oil reserves in the East Baghdad oil field. Mohammed Yassin Hassan, the company’s director general, stated that this new find is anticipated to increase Iraq’s oil reserves by over 2 billion barrels, as reported in their statement.
Initial assessments of the well indicate a potential daily production rate of up to 5,000 barrels of crude oil. Hassan emphasized the strategic importance of this discovery, noting that it not only boosts Iraq’s oil reserves but also enhances the country’s production capabilities.
As a member of the Organization of the Petroleum Exporting Countries (OPEC), Iraq possesses more than 145 billion barrels of proven oil reserves. The nation’s economy is heavily dependent on crude oil exports, which account for over 90 percent of its revenue.
