Iraqi Deputy Prime Minister Barham Salih said today the country revised its reserves estimates based on new exploration data that suggests the country may have the world’s largest proven oil reserves, surpassing Saudi Arabia.

Salih told The Times that new exploration showed that Iraq could have as much as 350 billion barrels of oil – a figure triple the country’s present proven reserves and exceeding Saudi Arabia’s estimated 264 billion barrels of oil.
Salih said the new estimate had been based on recent geological surveys and seismic data compiled by “reputable, international oil companies … This is a serious figure from credible sources”.
Salih also blamed the Iraqi government’s failure to approve a national oil law that would allow foreign companies to invest and resistance against private investment for Iraq’s inability to profit fully from its own resources, calling for more “liberalising” of the country’s oil and gas sector.

(Upstream Online)