ERHC Energy Inc (ERHE)

[THE HuB]

Iraq Announces Oil Reserves Of Over 143 Billion Barrels

"SNP did not buy Addax just for the JDZ. Addax had many other assets and proven reserves as well. However, if you read this board, you would think otherwise. Companies pay little for exporation properties. The vast majority of the value of Addax coud be attributed to those proven reserves".

Iraq's oil minister says the country's proven "extractable" oil reserves have risen to over 143 billion barrels.

The new figure represents a significant rise on Iraq's previously announced proven oil reserves of 115 billion barrels.

Oil Minister Hussain al-Shahristani said at a news conference that the new figure was reached with the help of international oil companies working at 12 fields in Iraq.

He said that most of the oil reserves,71 percent, were concentrated in the south of the country, 20 percent in the north, and 9 percent in the center.

Iraq's Oil Ministry has been carrying out surveys to update its oil reserves data, which had not been revised in years.

Iraq depends on oil exports for 95 percent of government revenue.

compiled from agency reports
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