oil

According to geologists, Iraq could be the country with the largest remaining reserves of oil in the world. Exploration showed reserves with about 350 billion barrels. Official statistics base on data gathered in 2001, because no official exploration has been done since military occupation started and may as well be wrong. International geologists estimate that the unexplored territory may even contain larger reserves.

oil reserves ©Flickr richardmasoner

Many former Iraq oil wells are not in use or have been destroyed during the long periods of war. Modernization and investment is needed. The estimated amount of money needed just to maintain current level of production is around $1 billion per year.