Iraq begins first exploratory well drilling in the north since 1978

Iraq has commenced drilling an exploratory oil well in the Amrli district of Saladin province, marking the first such operation in northern Iraq since 1978. The Ministry of Oil announced the initiative, which is being conducted under a tripartite contract involving the North Oil Company, the Iraqi Drilling Company, and the Oil Exploration Company.

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this pozo is the first of its kind in the northern provinces since 1978, in an initiative that reflects the orientation of the Minister of Oil towards dynamizing exploration activities and the development of fields.

This exploration signifies a strategic effort to revitalize exploration activities and develop existing fields. The Ministry of Oil views this as crucial for reinforcing Iraq's hydrocarbon reserves, increasing national oil and gas production, and bolstering its position in the global oil market. The initiative aligns with the minister's directive to energize exploration efforts.

Iraq, currently the second-largest oil producer in the world after Saudi Arabia, produces an average of 3 to 3.4 million barrels per day. The country holds one of the world's largest proven reserves, estimated at approximately 145 billion barrels, representing about 8% of the global total. Oil revenues are vital to Iraq's economy, accounting for roughly 90% of the state's total income.

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reinforce the hydrocarbon reserves of oil and gas, and increase the national reserves

The Ministry of Oil emphasizes that increasing proven oil and gas reserves and replenishing depleted ones are strategic objectives. This focus is essential for strengthening Iraq's standing in the international oil market and supporting long-term development plans for the oil sector.

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increase of the proven reserves of oil and gas, as well as the replenishment of depleted reserves constitute a strategic objective for the Ministry of Oil, given its role in strengthening Iraq's position in the world oil market and in supporting the long-term development plans of the oil sector.