Iraq Raised Oil Exploration to Nearly 800,000 Barrels/D on Average in 2005
Posted on: Monday, 5 December 2005, 12:00 CST
Iraq raised its oil exploration to nearly 800,000 barrels/d on average in 2005. In 2004 it was mining not quite 700,000 barrels/d. This is still deep below the country's possibilities. Before the war, Iraq was mining around 2.5 mil barrels/d of oil
. According to qualified estimates, Iraq's oil supplies are big enough to rank as high as third in the world, coming to roughly 115 bil barrels. However, the exact supplies are not known because prospecting was stopped at the moment when the embargo on the regime of Saddam Hussain was imposed. Practically all large oil concerns including French or Russian are showing interest in licences for prospecting and exploration in the country. Iraqi oil is of good quality and easy to refine because it contains little sulfur.Source: Access Czech Republic Business Bulletin
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