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Iraq discovers 1bn barrels of oil
- Iraq: Monday, January 21 - 2013 at 04:31
Iraqi oil ministry has announced the discovery of crude deposits equivalent to one billion barrels of oil after the first exploration work by state-owned firms in almost 30 years, AFP has reported. The deposits were found after exploration in Maysan province, in southern Iraq near the border with Iran, and could potentially make a significant addition to the country's already substantial reserves. "The initial assessment from this discovery is about one billion barrels of oil," spokesman for the oil ministry, Assem Jihad, told the news service, adding: "It will increase production capacity for (state-owned) Maysan Oil Co."
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