Iraq said on Sunday it has discovered deposits of crude equivalent to one billion barrels of oil after the first exploration work by state-owned firms in almost 30 years.
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 Baghdad’s already substantial reserves.
“Exploration began in Maysan, south of (provincial capital) Amara” last year, oil ministry spokesman Assem Jihad told AFP.
“Today, it completed 100 percent and achieved a big success.
“The initial assessment from this discovery is about one billion barrels of oil,” he said, adding: “It will increase production capacity for (state-owned) Maysan Oil Company.”
Jihad said the state-owned oil exploration firm had been carrying out its first exploration work within Iraq in nearly three decades.
Iraq, which is highly dependent on oil sales for government revenue, has sought in recent years to dramatically ramp up production and exploration in order to help rebuild its conflict-battered economy and infrastructure.
The country has proven reserves of 143.1 billion barrels of oil and 3.2 trillion cubic metres (111.9 trillion cubic feet) of gas, both of which are among the largest in the world.
Trump has shrunk the White House entirely around himself: ‘It is a government of one’
President Donald Trump has cleared out all the constraints in his White House, which he's running much like the Trump Organization.
The president has chased away four national security advisers, three chiefs of staff, three directors of oval office operations and five communications directors -- an unprecedented amount of turnover for a modern president — and finds himself surrounded by compliant staffers and aides, reported Politico.
“It is a government of one in the same way in which the Trump Organization was a company of one,” said one former senior administration official.
Benny Gantz says he should be PM in Israel unity government
Benny Gantz, Israeli Prime Minister Benjamin Netanyahu's main opponent in the country's general election, said Thursday he should be prime minister in a unity government.
Gantz spoke to journalists after Netanyahu called for them to join together in a unity government as results from Tuesday's vote showed neither with an obvious path to form a majority coalition.
Gantz's centrist Blue and White is nevertheless two seats ahead of Netanyahu's right-wing Likud, according to results published by Israeli media with 97 percent of the vote counted.
Beto O’Rourke’s plan to legalize marijuana includes clemency for possession sentences and grants for those who already served time
For his latest policy proposal, the Democratic presidential candidate returns to a cause he has championed since his days on the El Paso City Council.
Democratic presidential candidate Beto O'Rourke on Thursday morning released a marijuana legalization plan that calls for clemency for everyone currently serving sentences for possession.
The former El Paso congressman also would push for a federal tax on the pot industry and put the revenue toward a "Drug War Justice Grant" for those formerly incarcerated for nonviolent marijuana offenses.