Iraq has the world’s second largest proven petroleum reserves, a vast majority of which are yet to be exploited. Iraq’s potential oil wealth remains largely unrealized. Oil production has been slow as the country is limping back to normalcy after being ravaged by war. The majority of the known oil and gas reserves in Iraq form a belt that runs along the eastern edge of the country. Iraq has around 9 fields that are considered “super giants” (over 5 billion barrels reserves) as well as 22 known “giant” fields (over 1 billion barrels).

Iraq’s two-thirds of gas resources are associated with oil fields including, Kirkuk, as well as the southern Nahr (Bin) Umar, Majnoon, Halfaya, Nassiriya, the Rumaila fields, West Qurna and Az-Zubair. Just fewer than 20 percent of known gas reserves are non-associated; around 10 percent is salt “dome” gas. The majority of non-associated reserves are concentrated in several fields in the North including: Ajil, Bai Hassan, Jambur, Chemchemal, Kor mor, Khashm Al-Ahmar, and Al- Mansuriyah.

Crude oil plays an important role in the economy of Iraq. It contributed to about 82.5% of the total primary energy supply in Iraq in 2009.


(from GlobalData)