The discovery underscores the effective collaboration between Iraqi specialists and EBS technical teams from China. [Getty]
In a pivotal development, Iraq‘s Midland Oil Company on Monday disclosed the discovery of a major oil deposit in the East Baghdad field. This breakthrough, achieved through a partnership with Chinese corporation EBS, is expected to contribute more than two billion barrels to Iraq‘s existing oil reserves.
Mohammed Yassin Hassan, Director General of Midland Oil Company said in a statement, “Under the guidance of the Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani Al-Sawad, we have accelerated our exploration activities. This finding demonstrates our administration’s dedication to strengthening the oil sector’s production capabilities.”
The recently discovered reservoir, situated in the East Baghdad field, has shown remarkable initial production levels.
 “Well testing has revealed high-yield flows of medium and light crude,” Hassan noted. Market specialists indicate this could strengthen Iraq’s position in international oil trade.
The discovery underscores the effective collaboration between Iraqi specialists and EBS technical teams from China. Their joint expertise enabled precise planning and implementation of well-assessment protocols within the designated exploration zones.
Hassan provided technical details, “Initial testing shows potential daily output reaching 5,000 barrels of crude oil.” This projection has generated enthusiasm among sector analysts, who anticipate substantial growth in Iraq‘s production capacity.
The discovery carries particular strategic value for Iraq, currently the world’s fifth-largest holder of proven oil reserves. As a founding OPEC member, this development is anticipated to enhance Iraq’s significance in global energy markets towards nearly 5 million bpd.
The extraction of medium and light crude from this reservoir holds special significance. These oil grades command premium prices in global markets due to their superior refinement characteristics and valuable end products.
Through this significant discovery, Iraq has reaffirmed its crucial role in the international energy sector, potentially influencing strategic relationships and policies in the dynamic oil market.
