Iraq – 145 billion barrels. The Most Oil Reserves by Country. With 115 billion barrels of proven crude oil reserves, Iraq has the world’s second-largest endowment of oil, amounting to 11% of the global total. With oil reserves of 145 billion barrels, an 8.4% global share, Iran occupies fifth position on the list. Crude Oil Production in Iraq averaged 2208.45 BBL/D/1K from 1973 until 2020, reaching an all time high of 4830 BBL/D/1K in December of 2016 and a record low of 0 BBL/D/1K in February of 1991. For decades before the invasion, the industry had been in the hands of the state-owned Iraq National Oil Company. Concentrated mainly in West Siberia, 90% of the Group's proved hydrocarbon reserves are located in Russia. Iraq is the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC), after Saudi Arabia, and holds the world’s fifth-largest proved crude oil reserves. These figures would put Kurdistan region among the top 10 oil rich regions in the Almost half of LUKOIL's international proved reserves are in Uzbekistan, where the Company actively develops its gas projects. Given that oil will continue to be dominant in the energy mix for the short and medium term, which countries hold the most oil reserves? • Iraq is the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, and it holds the world’s fifth-largest proved crude oil reserves.1 Most of Iraq’s major known fields—all of which are located onshore—are producing or are in development. Iraq is indisputably one of the most attractive regions in the world having the immense oil & gas reserves and production potential. Iraq Oil Reserves and Production History. For some, often described as the conspiratorial minded, oil is the real motivation behind the United States' push to change Iraqi President Saddam Hussein's regime, not a desire to rid the world of a serious threat from biological and chemical weapons. But even with the many oil reserves, only a fraction is being exploited. “Iraq is the number one country in terms of impact because it does not have financial reserves and because 90 percent of its revenues come from oil,” he said. Last week a Colorado energy consultancy firm, IHS, stunned some of Iraq's politicians and oil engineers by declaring that the country's oil reserves were about 215 billion barrels — about double the estimates that have held for Iraq for years. Nearly 90% of Iraq’s crude oil production comes from onshore oil fields in the southern part of the country; these fields are under the control of the central government in Baghdad. The country’s energy sector has been hit by military occupation and civil unrest in recent decades, and unexplored regions in the nation are estimated to have a potential for vast undiscovered oil reserves. After a record-setting 2019, annual oil output fell by about 760,000 bpd as Iraq made extraordinary cuts to help support global prices. gion of Iraq accounts for 43.7 billion barrels of proven oil reserves 25.5 billion more barrels of unproven reserves and between 3 and 6 trillion cubic meters of gas accounting for (30% of Iraq’s proven oil reserves and 89% of all gas reserves of Iraq) [1]. OPEC Member Countries have made significant additions to their oil reserves in recent years, for example, by adopting best practices in the industry, realizing intensive explorations and enhanced recoveries. About 75 percent of Iraq's oil reserves are located in Southern Mesopotamia, Iraq announces jump in oil reserves. While the war in Iraq stretches into its fifth year, a less bloody battle is raging over what lies beneath the carnage: oil. It comes after Iran, Canada, Saudi Arabia, and lastly Venezuela. Offshore fields and high-viscosity oil account for approximately 13% of the proved reserves. James A. Paul argues that a US-dominated Iraq would support US and UK oil companies' claims on Iraq's state-owned oil and nullify Iraqi contracts with France and Russia. However, in my opinion Iraq oil reserves, as the case with others, should be described in terms of the Oil-In-Place (OIP), which is based on more tangible parameters and less problematic to assess than the proven reserves, particularly before or at the initial stages of development. Iraq has proven reserves equivalent to 1,194.7 times its annual consumption. Iraq's oil minister, Hussain al-Shahristani, announced today that his country's oil reserves are believed to be around 143.1 billion barrels - 25 per cent higher than the last estimate. Significant upward revision puts country’s proven oil reserves at 143.1 billion, pushing it into third place worldwide. Crude Oil Production in Iraq increased to 3857 BBL/D/1K in December from 3685 BBL/D/1K in November of 2020. By the 1970s, Iraq’s oil resources had enabled the country to reach middle-income status, with a modern infrastructure, and good education and healthcare systems. Kurdistan has large oil reserves - possibly a third of Iraq’s total - and its exports are vital to both the regional and national economies. He said the increase comes from seven oil fields in central and southern Iraq, but did not name the fields in question. Iraqi oil minister Jabar Ali al-Luaibi [Allibi] has announced an increase of 10 billion barrels in Iraq's oil reserves, bringing its total proven reserves to 153 billion barrels. When they are completed the provinces’ oil and gas wealth distribution map may radically change. Oil Reserves 45 billion barrels. The cut from Iraq comes just as India’s fuel demand and oil imports are rebounding from the lows during the pandemic. [1] [2] The sources for this oil is primarily located in the Shiite Muslims-majority and Arab Sunni Muslims-dominated areas on the other hand are comparatively lacking. Alan Greenspan, the consummate Washington insider and long-time head of the US central bank, has backed the position taken by many anti-war critics - that the invasion of Iraq was motivated by oil. Background. Additionally, the Sulaimaniya province possesses two large gas fields, Chemchemal and Kormor. Iraq holds 112 trillion cubic feet (Tcf) of proven gas reserves as of 2017, ranking 12th in the world and accounting for about 2% of the world's total natural gas reserves of 6,923 Tcf. Gas Production 1.88 bcm. International oil companies stand to profit enormously from control over Iraq's high-quality, plentiful oil supply and lucrative gas reserves. known oil reserves represent about 3% of the total. Only 17 of 80 oil fields have been developed; the most significant are Kirkuk in the north and Rumaila in … It should be mentioned that exploration operations are still under way in Iraq. Among OPEC members, Iraq is holding the top 4th crude oil reserves, after Venezuela, Saudi Arabia and Iran (by the end of 2015). Gas Reserves 5.7 tcm. As a result, OPEC's proven oil reserves currently stand at 1,189.80 billion barrels. According to the recent reports, OPEC holds 81.9% of World petroleum reserves. 5. Statistics on Iraq Oil and Gas production . Iraq ranks fifth as the largest proven world reservoir for oil. Oil Production 451,000 bopd. Kurdistan Region of Iraq: New Alliances. IRAQ, THE THIRD COUNTRY IN THE WORLD IN OIL RESERVES Foundation laid Business Insider Global economic sector list of States which has the largest reserves of energy sources produced from fossil fuels, oil, gas and coal, which said Iraq Cassapa country in the world has these reserves of energy. Today’s map comes from HowMuch.net and it uses data from the CIA World Factbook to resize countries based on the amount of oil reserves they hold. Iraq oil exports and revenue up in December, but down year-on-year Iraq sits on one of the world's largest reserves of oil, crude that is not only plentiful but also cheap to pump out of the ground. The following is a list of oil and gas fields in Iraq controlled by the Ministry of Oil in Baghdad (major fields in Bold): Ahdab Oil Field Akkas Gas Field Badra Oil Field Bai Hassan Oil Field * Block 1 Block 2 Block 3 Block 4 Block 5 Block 6 Block 7 Block 8 Block […] Iraq is estimated to have the world’s second-largest oil reserves, with reserves of 143 billion barrels. Proven oil reserves in Iraq (US EIA) A map of world oil reserves according to U.S. EIA, 2017 Oil reserves in Iraq are considered the world's fifth-largest proven oil reserves, with 140 billion barrels. 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