Black gold worth millions of dollars found in THIS country, not Pakistan, UAE, Saudi Arabia

For a country embroiled in wars and territorial troubles, finding a great amount of natural reserve is great news anytime. Iraqi Midland Oil Company has announced that a massive reserve of crude oil (black gold) has been reportedly found in eastern Iraq’s Baghdad.  

The discovery can be economically profitable as the new crude oil reserves are believed to produce two billion barrels of new oil to Iraq’s oil reserves. 

The director general of the oil company, Mohammad Yasin Hassan announced that in the starting tests, this well is producing 5,000 barrels of crude oil daily. Additionally, he said that the precious black gold found beneath the earth is very crucial for the economy of the country. It is noteworthy that over 90 percent of Iraq’s income is derived from crude oil exports. 

Iraq is nearing a deal with Halliburton to develop the Nahr Bin Omar oilfield, according to the head of Basra Oil Company, as reported by Reuters on January 16. In connection with this deal, director general of state-run BOC Bassem Abdul Karim said that Iraq‘s oil ministry and Halliburton are likely to sign an agreement of confidence in the next few days, post which the country will provide the US company with data regarding the Nahr Bin Omar field and its installations. 

Halliburton will assist Iraq in boosting production at the Nahr Bin Omar field to 300,000 barrels per day, a significant increase from the current 50,000 barrels per day, according to Abdul Karim, though no timeline was disclosed. 

“Halliburton will also help Iraq to produce 300 million cubic feet of gas from the field,” said Abul Karim.