Workers adjusting valves in an oil facility in Iraq.
Wedoany.com Report-Feb 12, The East Baghdad field, one of the most important oil fields in Iraq, recently had a massive find that increased its reserves to 15 billion barrels.
Iraq’s standing as one of the world’s leading oil producers is strengthened by this finding, which additionally opens up new opportunities for production development and income growth.
Iraq’s Midland Oil Company (MOD), in cooperation with the Chinese oil company EBS, announced on January 20 the discovery of two billion additional barrels in the oil field.
The energy sector is strategically focusing on this finding since it marks the biggest increase in crude oil reserves in central Iraq in decades. Extensive research is being done to create plans to optimize output and take advantage of this valuable resource.
According to Mohammed Yassin Hassan, director general of the state-run MOC, this discovery increases the East Baghdad field’s total reserves to 15 billion barrels, up from 13 billion barrels prior to the current discovery.
Since the current find is the biggest in central Iraq, it is a significant development that helps to boost national earnings and sustain the Iraqi oil industry, according to Attaqa News.
The field’s proved reserves were around 7.5 billion barrels when the development contract was signed with EBS in 2018, but exploration and evaluation operations increased this figure to 15 billion barrels, according to development operations supervisor Haider Qais Mahmoud.
The new oil discovery is strategically significant as Iraq is ranked fifth globally in terms of countries with confirmed oil reserves.
The discovery supports the country’s crucial position in the global energy market while bolstering the production capacity of Iraq, one of the founding and prominent members of the Organization of the Petroleum Exporting Countries (OPEC).
