Saturday, August 9, 2008

Iraq resumes oil exploration after 20-year break

Oil Minister Hussein Hussein al-Shahristani was to attend a ceremony to mark the event at the Al-Garraf field near Nasiriyah, 350 kilometres (220 miles) south of Baghdad, Jihad said.

He said the ministry would deploy three exploration teams trained abroad in the latest techniques.

OPEC member Iraq hopes the squads will uncover deposits that will enable it to double its proven oil reserves, currently standing at 115 billion barrels of crude.

. . . in August 1990, the United Nations imposed a strict oil embargo on Iraq, forcing it to cease exploration and cut back drastically on exports.

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