Iraq possesses over 145 billion barrels of proven oil reserves
Baghdad (IraqiNews.com) – The State Organization for Marketing of Oil (SOMO) revealed on Wednesday that Iraq has the fourth-largest proven oil reserves in the world, with around 145 billion barrels.
Iraq ranks second in OPEC oil production and has one of the largest oil and gas resources in the world. Its natural gas reserves, which are currently valued at $514 billion, reach 132 trillion cubic feet, while its proven oil reserves are estimated to be worth $10.6 trillion.
Iraq's oil exports in 2024 totaled almost $99 billion, demonstrating the sector's significance to the country's economy.
The Iraqi government intends to boost its oil output from the current four million barrels per day to six million barrels per day by 2029. To reach this goal, the country is establishing several projects in different Iraqi provinces.
Foreign oil companies have made significant investments in Iraq. Britain's British Petroleum (BP) is spending $25 billion on oil field development projects, whereas France-based TotalEnergies has committed $27 billion to multiple energy projects.
Chinese corporations have also made significant investments, most notably Sinopec, CNOOC, and PetroChina.
Iraq has also welcomed American businesses in an effort to boost its capacity to become self-sufficient in electricity through these investments.
Along with electrical interconnections with neighboring countries, Iraq has also started to implement renewable energy projects.
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