Oil Minister: Iraq Has Reserves Estimate 143 billion Barrels of Crude Oil

BAGHDAD / NINA / Oil Minister Jabbar Ali Hussein announced that Iraq's oil reserves is 143 billion barrels of crude oil, stressing that oil reserves will arrive according to estimates in the coming years to 250 billion barrels. During a meeting with Vagit Yu. Alekperov, President of OAO LUKOIL and his accompanying delegation, according to a ministry statement, the minister said that "the oil ministry plan for the current year and next focuses on the development of oil production and gas investment, calling for expanding the participation of LUKOIL Company through investment sharing contracts in this area or in the rest of the projects next 2017. The minister pointed out that "Iraq has oil reserves estimated at 143 billion barrels of crude oil, and also it has a large reserve of gas, adding that the ministry began a new era and it will go for the development of the oil and gas sector." He added that the ministry pay great importance to the work carried out by international companies working on the development of large oil fields, particularly LUKOIL in the field (the West Qurna / 2), stressing the increasing volume of cooperation with the company and to serve the common interests. He stressed the need to strengthen the relationship and development in the areas of the next oil and gas industry to develop and expand significantly in all areas, which will allow large and promising investment opportunities. He added that the ministry is working to provide all facilities and to create suitable environment for oil companies, pointing to continue working for the development of this important economic sector. During the meeting, they discussed ways to strengthen bilateral cooperation and open up new business in the oil and gas sector. For his part, President of the Russian LUKOIL company confirmed that his company is keen to promote cooperation with the Ministry of Oil and develop it and open up new business and work to develop programs and action plans for the future with the ministry and continue upward pace until reaching the desired goals. / End