Iraq is planning to start offshore oil and gas exploration to boost its reserves, Oil Minister Jabar al-Luaibi said in a statement on Feb. 27.
Luaibi said he “gave guidance to the Oil Exploration [Co.] about the importance of exploring territorial waters to assess the hydrocarbons reserves and to boost Iraq’s capacity."
During the week of Feb. 20, Iraq announced an increase in its oil reserves to 153 billion barrels (Bbbl) from a previous estimate of 143 Bbbl. Iraq has boosted output rapidly in recent years, with the help of foreign oil companies, to become OPEC's second-largest producer behind Saudi Arabia. It agreed at the end of November to take part in an OPEC agreement to cut global supply to help to lift oil prices.
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