Shafaq News- Baghdad
Iraq has begun drilling a new exploratory well in the Amerli district ofSaladin province, marking the first such project in the country's northernprovinces since 1978.
The Iraqi Drilling Company said its technical and engineering teams havestarted work on the well under a tripartite contract involving the North OilCompany (NOC), the Iraqi Drilling Company, and the Oil Exploration Company.
Oil Minister Bassem Mohammed Khudair said, in a statement, that theministry is moving forward with plans to expand exploration operations andmaximize the use of geological and geophysical data to boost the country'shydrocarbon reserves. "The ministry has adopted a clear strategy focusedon expanding exploratory drilling and enhancing oil and gas reserves to supportIraq's economic development plans," Khudair added.
He noted that increasing proven oil and gas reserves and replacingdepleted resources remain strategic priorities for the ministry, noting thatexpanding Iraq's hydrocarbon base would strengthen the country's futureproduction capacity and reinforce its position in global energy markets.
According to data from the US Energy Information Administration (EIA)and recent assessments by S&P Global, Iraq holds more than 145 billionbarrels of proven crude oil reserves, while oil accounts for around 90% ofstate revenues and 95% of export earnings.
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