Iraq has announced amajor new oil discoveryin the country’s southwest near the Saudi border, a development that comes at a critical moment as Baghdad faces one of the most severe energy and economic crises in its modern history due to regional conflict and the disruption of Gulf export routes.
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The newly discovered field, located in Najaf province along the Iraqi-Saudi frontier, was identified by the Chinese companyZhenHua Oil. Iraqi officials estimate the potential reserves at approximately 8.835 billion barrels of oil, with an initial production capacity of 3,248 barrels per day of light crude.
IraqiDeputy Prime Minister and Oil MinisterHayan Abdul Ghaniannounced the discovery during a meeting with representatives of the Chinese company, describing the field as a strategic addition to Iraq’s long-term energy infrastructure.
The discovery was made in the “Qurnain” exploration block, awarded to the Chinese company during Iraq’s Fifth Supplementary and Sixth Licensing Rounds. The block spans approximately 8,773 square kilometers in southwestern Iraq and has long been considered one of the country’s most promising undeveloped exploration zones.
The exploration and development contract for the block was officially signed on October 17, 2024.
The announcement comes as Iraq intensifies efforts to diversify its oil export infrastructure amid growing instability in the Gulf region and mounting threats to global energy supplies.
According to Iraqi Oil Ministry spokesman,Sahib Buzon,Baghdad is implementing contingency plans to maintain exports as geopolitical tensions continue to disrupt traditional maritime shipping lanes.
With more than 90% of Iraq’s economy dependent on oil revenues, the government has been forced to pursue strategic alternatives capable of reducing reliance on vulnerable Gulf routes, particularly the Strait of Hormuz.
Source: Global Research
