Iraq's Oil Minister announces plans to increase oil reserves to 160B barrels and conduct new licensing rounds for 29 oil & gas fields.
Iraq's Oil Minister Hayan Abdel Ghani announced plans to increase the country's proven oil reserves from 145 billion barrels to over 160 billion barrels during new licensing rounds for 29 oil and gas fields. The government aims to reduce dependence on Iranian imports for natural gas and support winning companies in the licensing rounds. Crude oil sales make up 90% of Iraq's budget revenues.
May 11, 2024
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