Exploration efforts directed by Iraq’s Oil Minister Hayan Abdul-Ghani in collaboration with China-based EBS have resulted in the discovery of a massive oil field in central Iraq with reserves estimated at two billion barrels, Iraqi media reported on Monday.
The newly identified reservoir lies within the East Baghdad Field, an area already critical to Iraq’s energy output. Initial testing of the primary exploratory well indicated a possible production capacity of up to 5,000 barrels per day, according to Mohammed Yassin Hassan, the Director of state-owned oil company Midland Oil Company (MOC).
“This remarkable discovery underscores Iraq’s significant potential in the global energy market,” Hassan said.
Iraq is currently a member of the Organization of the Petroleum Exporting Countries and has more than 145 billion barrels of proven oil reserves.
The country’s economy is heavily reliant on crude oil exports, accounting for 90% of the overall value of all exports.