Latest news with #HaiderQaisMahmoud
Iraqi News
16-02-2025
- Business
- Iraqi News
Iraq starts drilling 18 oil wells in the East Baghdad field
Baghdad ( – As part of a plan to drill 18 oil wells in the southern part of the East Baghdad field, the state-owned Iraqi Drilling Company (IDC) announced on Thursday that drilling had begun in the first well. The Iraqi Ministry of Oil said in a statement that the step is part of the ministry's strategic goals and collaborative efforts with the Chinese company EBS to support and develop the country's oil sector. With the company's dedication to implementing the highest quality and safety standards, the initiative aims to improve oil production and expand oil fields, which supports Iraq's national economy. An enormous discovery just raised the reserves of the East Baghdad field, one of Iraq's most significant oil resources, to 15 billion barrels. This discovery enhances Iraq's position as one of the world's top oil producers and creates new avenues for output expansion and revenue generation. In collaboration with the Chinese oil company EBS, Iraq's Midland Oil Company (MOD) said on January 20 that two billion more barrels had been found in the oil field. Given that this discovery represents the largest expansion in central Iraq's crude oil reserves in decades, the energy industry is paying close attention to it. A lot of study is being done to develop strategies to maximize productivity and use this important resource. This finding raises the overall reserves of the East Baghdad field to 15 billion barrels, up from 13 billion barrels before the latest discovery, according to Mohammed Yassin Hassan, director general of the state-run MOC. According to Attaqa News, the discovery is a major step that supports the Iraqi oil sector and increases national income because it is the largest in central Iraq. According to development operations supervisor Haider Qais Mahmoud, the field's proven reserves were around 7.5 billion barrels when the development contract was signed with EBS in 2018. However, exploration and evaluation operations raised this amount to 15 billion barrels. The finding enhances the country's production capacity while supporting its vital position in the global energy market.
Iraqi News
12-02-2025
- Business
- Iraqi News
East Baghdad oil field reserves rise to 15 billion barrels
Baghdad ( – The East Baghdad field, one of the most important oil fields in Iraq, recently had a massive find that increased its reserves to 15 billion barrels. Iraq's standing as one of the world's leading oil producers is strengthened by this finding, which additionally opens up new opportunities for production development and income growth. Iraq's Midland Oil Company (MOD), in cooperation with the Chinese oil company EBS, announced on January 20 the discovery of two billion additional barrels in the oil field. The energy sector is strategically focusing on this finding since it marks the biggest increase in crude oil reserves in central Iraq in decades. Extensive research is being done to create plans to optimize output and take advantage of this valuable resource. According to Mohammed Yassin Hassan, director general of the state-run MOC, this discovery increases the East Baghdad field's total reserves to 15 billion barrels, up from 13 billion barrels prior to the current discovery. Since the current find is the biggest in central Iraq, it is a significant development that helps to boost national earnings and sustain the Iraqi oil industry, according to Attaqa News. The field's proved reserves were around 7.5 billion barrels when the development contract was signed with EBS in 2018, but exploration and evaluation operations increased this figure to 15 billion barrels, according to development operations supervisor Haider Qais Mahmoud. The new oil discovery is strategically significant as Iraq is ranked fifth globally in terms of countries with confirmed oil reserves. The discovery supports the country's crucial position in the global energy market while bolstering the production capacity of Iraq, one of the founding and prominent members of the Organization of the Petroleum Exporting Countries (OPEC).
