OUTSTANDING HYDROCARBON POTENTIAL
Iraq is a country with outstanding hydrocarbon potential, which has to date only been partially developed. It has the world's third largest proven oil reserves after Saudi Arabia and Iran, but quite possibly the world's largest potential undiscovered reserves.
As such, Iraq presently offers one of the most attractive exploration and/or development opportunities in the Middle East and possibly the world due to high exploration drilling success ratio of 70% and low finding and development cost.
Iraq's proven oil and Gas reserves currently stands at: 115 billion barrels, Bn bbls, proven oil and 215 Bn bbls potential oil reserves while the gas (free, cap & associated) reserves are 3100 billion cubic meters, BCM, proven and 7500 BCM potential. The proven reserves are considered pessimistic since little exploration has been conducted during the past three decades compared with exploration activities elsewhere.
Of the 80 discovered fields housing the proven oil reserves, are 7 super giants, over 5 Bn bbls, 12 giants, 1-5 Bn bbls, and 25 large fields,1-1.0 Bn bbls.
Only some 21 of the fields have been developed.
Image (c) Shafiq-Petrolog & Associates