Iraq has discovered an oil field with more than 8.8 billion barrels of reserves near the southern border of Najaf province with Saudi Arabia, according to a news report.

The Al-Qarnain block is the first exploration block, covering 8,773 square kilometres, with an oil discovery recorded, Rudaw, a digital news network based in the Kurdistan Region of Iraq, reported, quoting the oil ministry statement.

The drilling of the exploratory well Shams-11 indicates an estimated oil reserve of 8.84 billion barrels, with a daily production rate of 3,248 barrels of light crude oil.

China’s state-owned company ZhenHua Oil was the lead operator for exploratory drilling and seismic surveys in Al-Qarnain.

Exports fell to 18.6 million barrels in March, generating $1.96 billion in revenue, compared with more than 99 million barrels and $6.81 billion in February, the ministry’s official figures show.

Iraq is also working on the $1.5 billion oil pipeline linking Basra to Haditha in March, with ⁠a planned capacity of 2.5 million barrels per ‌day.

The 700-kilometre pipeline will transport crude for export through multiple routes, including Syria’s Baniyas, Turkey’s Ceyhan and Jordan’s Aqaba.
Source: PULSE