Iraqi Oil Minister, Jabbar al-Li’aibi, disclosed that Iraq aspires to increase its oil reserves to 170b barrels by 2019, Hellenic Shipping News informed. Al-Li’aibi pointed out that the Ministry is trying to increase its oil and gas reserves through drilling more wells.

According to Reuters, the country’s oil reserves have already increased to 153b barrels, from a previous estimate of 143b barrels. Al-Li’aibi explained that the 10b-barrel increase is the result of appraisals and exploration carried out at seven oil fields in central and southern Iraq.

Additionally, the Minister stated that “Iraqi gas reserves are estimated to reach 30bcf.”

During a meeting with the South Korean Minister of Transport, Kang Ho-in, Iraq’s Minister called the South Korean companies to invest in Iraqi oil infrastructures and arranging partnerships in ship building and drilling.

“Iraq is planning to build a fleet to transport its oil,” he confirmed.

The country is developing its oil reserves with the help of foreign companies to make up for three and a half decades of conflict and international sanctions, starting with the 1980-1988 war against Iran.