According to the Oil and Gas Journal, Iraq contains 115 billion barrels of proven oil reserves, the third largest in the world (behind Saudi Arabia and Canada), concentrated overwhelmingly (65 percent or more) in southern Iraq. Estimates of Iraq's oil reserves and resources vary widely, however, given that only about 10 percent of the country has been explored.

 

Some analysts (the Baker Institute, Center for Global Energy Studies, the Federation of American Scientists, etc.) believe, for instance, that deep oil-bearing formations located mainly in the vast Western Desert region could yield large additional oil resources (possibly another 100 billion barrels or more), but have not been explored.

 

Other analysts, such as the U.S. Geological Survey, are not as optimistic, with median estimates for additional oil reserves closer to 45 billion barrels. In August 2004, Iraqi Oil Minister Ghadban stated that Iraq had "unconfirmed or potential reserves" of 214 billion barrels. In early May 2005, Ibraihim Bahr al-Uloum was named to replace Ghadban, stating that his main goals were to reduce corruption in the oil sector, to improve fuel availability, to reduce attacks on oil infrastructure, and to re-establish an Iraqi National Oil Company (INOC) by the end of 2005 (this did not happen).

Iraqi oil reserves vary widely in quality, with API gravities in the 22o (heavy) to 35o (medium-light) range. Iraq's main export crudes come from the country's two largest active fields: Rumaila and Kirkuk. The southern Rumaila field, which extends a short distance into Kuwaiti territory, has around 660 wells and produces three streams: Basra Light (normally 34o API); Basra Medium (normally 30o API, 2.6 percent sulfur); and Basra Heavy (normally 22o-24o API, 3.4 percent sulfur). Basra Blend normally averages around 32o API, 1.95 percent sulfur, but reportedly has become heavier and more sour recently at around 31.5 o API and 2.7 percent-2.8 percent sulfur content.

 

Source: Energy Information Administration