Iraq is proceeding with ambitious plans to drill many new oil wells with the aim of increasing crude oil production capacities and securing Iraq’s position in the global oil market.
Iraq is gradually preparing to replace old wells that have become less productive due to their limited operational lifespan. Asim Jihad, spokesman for the Ministry of Oil, says that some Iraqi oil wells suffer from operational obstacles. In order to maintain and increase production, the Ministry is focusing on drilling new wells to compensate for the decline in productivity of existing wells.
Iraq currently pumps more than four million barrels per day, and with the current rise in crude oil prices, monthly oil sales generate revenues ranging from 7 to 9 billion dollars.
Iraq contains approximately 145 billion barrels of proven oil reserves, which ranks it as the fifth largest owner of these reserves in the world, after Venezuela, Saudi Arabia, Canada, and Iran. This abundance of oil reserves confirms the country’s strategic importance in the global energy scene.