Is there a chance Iraq will possess additional reserves in the future?
“[the] true resource potential may be far greater than this [112 billion barrels], however, as the country is relatively unexplored due to years of war and sanctions. Deep oil-bearing formations located mainly in the vast Western Desert region, for instance, could yield large additional oil resources (possibly another 100 billion barrels), but have not been explored. Iraq’s oil production costs are amongst the lowest in the world, making it a highly attractive oil prospect.”4 What role is Iraq’s oil likely to play in its economic recovery? “Iraq’s vast oil reserves will act as the country’s primary engine of economic recovery. Oil dominates the country’s economy, accounting for more than 95 percent of foreign exchange earnings and possibly as much as 75 percent of GDP. Iraq’s enormous hydrocarbon resources are expected to earn the country $13-15 billion annually over the short-term..” 5 Will much work be required to make Iraq’s oil industry operational? “Major repair and upgrade work i
