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Iraq has unveiled what it described as a strategic project to boost its proven crude oil resources involving fresh exploratory drilling in border fields.
Oil Exploration Company, a unit of the Iraqi Oil Ministry, has devised the plan which covers oil-rich areas along the border with Kuwait, Saudi Arabia, Iran and Syria, the company’s Director Ali Hamoud said, quoted by the Iraqi Aliqtisad News website.
“The company has a strategic project that includes exploratory drilling at border areas....this project will largely contribute to increasing Iraq’s extractable oil reserves and offset drained crude resources,” Hamoud said.
He said Iraq, OPEC’s second largest producer, needs massive funds to execute that project adding that budget allocations are not enough to cover all costs.
“Annual budget allocations for the company are not sufficient to push ahead with this giant project...we need additional funds to ensure it will achieve the required results,” he added.
Iraq’s recoverable crude deposits are officially estimated at around 145 billion barrels, the world’s fifth largest after those of Venezuela, Saudi Arabia, Canada and Iran.
(Writing by Nadim Kawach; Editing by Anoop Menon)
