5000 bpd production rate mooted

Iraq discovers two billion barrels of oil in East Baghdad field

BAGHDAD — The Iraqi Midland Oil Company announced Monday the discovery of a major oil reserve in the East Baghdad field, estimated at two billion barrels.

“In line with directives from Deputy Prime Minister for Energy and Oil Minister Hayan Abdul Ghani, aimed at intensifying exploration efforts and developing oil fields, we have discovered the largest oil reserve in the East Baghdad field,” Mohammed Yassin Hassan, Director General of Midland Oil Company, told the state-run Al-Sabah newspaper. “The primary exploratory well in the East Baghdad field has yielded highly productive medium and light crude oil, adding over two billion barrels to Iraq’s reserves.”

Initial testing indicates a production rate of approximately 5,000 barrels per day of medium and light crude. Hassan credited the success to the collaboration between Iraqi engineers and their Chinese counterparts at EBS Petroleum.

Iraq currently holds around 145 billion barrels of proven oil reserves, ranking fifth globally and accounting for about 8.7% of the world’s total reserves. These reserves reinforce Iraq’s pivotal role in the global energy market.

In 2024, Iraq’s crude oil production averaged approximately 4 million barrels per day, a slight decrease from the 4.118 million bpd produced in 2023. The reduction aligns with OPEC+ production cuts.

Iraq’s crude oil exports in 2024 averaged 3.372 million bpd, generating approximately $96.08 billion in revenue. This marked a decline from the 3.466 million bpd exported in 2023.