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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.
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
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.
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.
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 ...
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.
The Majnoon Oil Field is a super-giant oil field located 60 km (37 mi) from Basra in southern Iraq. [1] Majnoon is one of the richest oilfields in the world with an estimated 38 billion barrels of oil reserves. The field was named Majnoon which means crazy in Arabic in reference to excessive amount of oil in a dense area. [2]
In November 2009, an ExxonMobil - Shell joint venture won a $50 billion contract to develop the 9-billion-barrels (1.4 × 10 ^ 9 m 3) West Qurna Phase I. [1] As per Iraqi Oil Ministry estimates, the project required a $25 billion investment and another $25 billion in operating fees creating approximately 100,000 jobs in the underdeveloped southern region.