The sources for this oil is primarily located in the Shiite Muslims-majority and Arab Sunni Muslims-dominated areas on the other hand are comparatively lacking. As a result of military occupation and civil unrest, the official . Oil extraction contracts. Over the past several months, news organizations and experts have regularly cited Department of Energy (DOE) Energy . Breaking news and analysis on energy, politics, security and life in Iraq.

World news about oil in Iraq. According to the recent reports, OPEC holds 81. Among OPEC members, Iraq is holding the top 4th crude oil reserves, after Venezuela, Saudi Arabia and Iran . The rise of ISIL and the fall of Mosul drastically changed the balance of oil and power in Iraq.

Iraq on Monday invited foreign companies to bid for contracts to explore and develop oil and natural gas reserves in nine new blocks as the OPEC nation seeks to boost its output capacity. SOMO, in perspective The experience of marketing Iraqi crude oil was first came to light through marketing a small quantity of oil which represented a payment in kind made by the major companies who own and control all aspects of Iraq s infant oil industry at the time, to the Iraqi government as part of the revenue it usually . This publication is now archived. How much oil does Iraq have?

Wealth in the world is shifting toward the owners of energy sources. Over the coming decades total world energy consumption will double. Monopoly profits will go to the owners of energy sources including crude oil. The Arab Gulf has of proven oil. Department of State to provide the Government of Iraq with a plan outlining options for the creation . Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.

The bitumen was probably obtained from bitumen seepages along the Upper Euphrates in central W Iraq and along the upper reaches of the Tigris River in N Iraq. The country is a Founder Member of OPEC. Baghdad was the largest multicultural city of the Middle Ages and was the centre of learning during the Islamic Golden Age. After decades of sanctions and recent wars hindering the development of its vast oil and natural gas resources, Iraq is now coming into its own as a significant energy powerhouse in the Middle East.

Iraq controls the third largest proven petroleum reserves after Saudi Arabia and Canada and has begun a concerted effort to . We were a pioneer in Iraq for . The Iraqi oil industry had . The new pipeline will replace an old and severely damaged section of the Kirkuk- Ceyhan pipeline. It will start from oilfields near Kirkuk and extend to the Fish- Khabur border area with Turkey.