The news source quoted Mr Salih as saying that new exploration showed that Iraq has the world’s largest proven oil reserves, estimated to be as high as 350 billion barrels. This figure is reportedly three times the country’s current proven reserves and exceeds Saudi Arabia’s reserves of 264 billion barrels of oil.
The Iraqi deputy prime minister stated that the new estimate has been derived from new geological surveys and seismic data compiled by reputable, multinational oil firms.
The Times noted that the Iraqi government still has to approve a national oil law to allow international investors in the country’s oil sector. Mr Salih expressed his frustration at the delay, which he feels is depriving potentially massive revenues with oil prices above $125 per barrel and demand continuing to rise.
Mr Salih said: We need to recognize after so many decades of mismanagement of the oil industry that we need to call a spade a spade. We can regulate it, but we need private investment to develop Iraq’s production capacities.
