Iraq was the world's 13th largest oil producer in 2008 and has the world's third largest proven petroleum reserves after Saudi Arabia and Cnanda. Just a fraction of Iraq'a known field are in development and Iraq may be one of the few places left where vast reserves, proven and unknown, have barely been exploited. Iraq's energy sector is heavily based upon oil, with approximately 94 percent of its energy needs met with petroleum.
| Proven Oil Reserves (January 1, 2009E) |
115 billion barrels |
| Oil Production (2008) |
2.4 million barrels per day of which 2.4 million barrels per day was crude oil. |
| Major Oil/Gas Ports |
Al Basra, Khor Al-Amaya, Kor az-Zubair, Um Qasr, Abu Fulus. |
| Foreign Company Involvement |
CNPC, Lukoil, ONGC, Shell. 35 companies qualified for the first oil and gas bidding round and 38 registered for the second bidding round.
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