Iraq started drilling the first well in the Huwaiza oil field near the Iranian border. “The field may contain 1b barrels in reserves”, said the Iraqi Oil Ministry, according to Reuters.

Iraqi Oil Minister, Jabar Al-Luaibi, witnessed the well drilling launch in Huwaiza. He also attended the ceremony  for the start of the expansion work in the Halfaya oil field in Maysan, which is expected to double Halfaya’s capacity in 2018 to 400,000b/d. Halfaya field is operated by PetroChina.

It worth noting that Iraq is aiming to increase its production capacity to 5mb/d by the end of 2017, from about 4.7mb/d now, Rudaw informed.