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On June 30 and December 11, 2009, the Iraqi Ministry of Oil awarded contracts to international oil companies for some of Iraq's many oil fields. The winning oil companies entered joint ventures with the Iraqi Ministry of Oil, and the terms of the awarded contracts include extraction of oil for a fixed gain of $1.40 per barrel for the oil companies with the remainder going to Iraq.
A map of world oil reserves according to U.S. EIA, 2017 See: Oil reserves in Iraq According to the Oil and Gas Journal, Iraq's proven oil reserves are 115 billion barrels, although these statistics have not been revised since 2001 and are largely based on 2-D seismic data from nearly three decades ago.
Map of countries with proven oil reserves - according to US EIA (start of 2017) ... Iraq Russia Saudi Arabia United States Venezuela BP [1] 168.1 157.8 145.0
Along with its sister terminal, the Khawr al ‘Amīyah Oil Terminal (ميناء خور العمية, alt. Khor al-Amaya Oil Terminal, KAAOT), the terminals provide the principal point of export for more than eighty percent of Iraq's gross domestic product as of 2009, [1] and all of the oil from the southern Başrah refinery.
The Rumaila oil field is a super-giant oil field [1] located in southern Iraq, approximately 50km to the south west of Basra City. [2] Discovered in 1953 by the Basrah Petroleum Company (BPC), an associate company of the Iraq Petroleum Company (IPC), [3] [4] [5] the field is estimated to contain 17 billion barrels, which accounts for 12% of Iraq's oil reserves, estimated at 143 billion barrels.
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In 2008, Iraq was the 9th highest crude oil exporter with 88 Mt. [6] In 2023, Iraq exported an average of 3,466,750/barrel/day, [7] and in early 2024 was estimated to be the 5th largest oil exporter in the world. [8] Iraq's economy is very oil-dependent and from 2012-2022 oil revenues accounted for more than 99% of Iraq's exports, 85% of the ...
West Qurna (Arabic: غرب قرنة) is one of Iraq's largest oil fields, located north of Rumaila field, 65 km northwest of Basra. West Qurna is believed to hold 43 billion barrels (6.8 × 10 ^ 9 m 3) of recoverable reserves – making it one of the biggest oil fields in the world. [1] Until 2009, the field was closed to Western firms. [2]