Iraq May Have More Oil Than Saudi Arabia

The 1st Battalion The Royal Anglian Regiment on the oil fields of Iraq. November 2007

Iraq To Resume Oil Exploration After 20 Year Pause -- Reuters

BAGHDAD (Reuters) - Iraq will resume searching for oil on Friday for the first time in two decades, the oil ministry said on Thursday, in the hope of finding vast reserves that lay undiscovered because of sanctions and war.

Iraq has 115 billion barrels of proven oil reserves, the third largest in the world, but the government believes the country's actual oil reserves may be three times as high.

Asim Jihad, spokesman for Oil Ministry, said it had trained three teams of geophysicists, geologists and engineers and would kick off exploration in the Gharraf field in Nassiriya in southern Iraq on Friday.

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Deputy Prime Minister Barham Salih told Reuters in April he had seen estimates from "reputable companies" that put Iraq's oil reserves at some 350 billion barrels, a massive figure which would put the country ahead of Saudi Arabia.

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My Comment: If Iraq is responsible in its development .... both politically and economically .... they have the potential to be America's most important ally after Israel in the Middle East.

For everyone's info: 350 billion barrels of oil (at today's price of $120 US) = $42 Trillion Dollars