Iraq raises oil reserve estimate 24 pct

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SINAN SALAHEDDIN | October 4, 2010 06:50 AM EST |

BAGHDAD — Iraq's oil minister on Monday sharply boosted the estimate on the country's proven reserves of oil to 143.1 billion barrels, an almost 25 percent increase that transforms the war-ravaged nation into the home of the world's second-largest proven reserves of conventional crude oil.

The new figure reflects reserves "that can be extracted by available techniques in the country," Hussain al-Shahristani told reporters, adding that this total is based on reserves in 66 oil fields. He said there "are other areas to be explored that are expected to add" more to the reserve total.

The increase is as important psychologically for Iraq as it is economically and practically. The oil-rich nation, which was the birthplace for OPEC, has struggled to raise its oil production and exports after years of sanctions and wars left much of the vital sector in poor shape. Iraq currently exports roughly 1.9 million to 2 million barrels per day – which accounts for nearly all its foreign currency revenues.

But with Saddam's ouster, attention turned again to revamping the sector. Two international oil licensing rounds last year opened the door for international oil firms to re-enter the Iraq market.


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http://www.huffingtonpost.com/huff-wires/20101004/ml-iraq-oil/