Iraq discovers new oil well with enormous reserves near Saudi border

[SocalDinar]

Iraq discovers new oil well with enormous reserves near Saudi border

 

https://www.iraqinews.com/iraq/iraq-discovers-new-oil-well-with-enormous-reserves-near-saudi-border/

• Iraq
•  
• Amr Salem
•  May 6, 2026
•  319
•  2 min

IDC workers during drilling operations at an oil well in Iraq. Photo: IDC

Baghdad (IraqiNews.com) – Iraq announced on Wednesday the discovery of a new oil field in Najaf province, near the Saudi border in the southwestern part of the country.

The oil field, discovered by China-based Zhenhua Oil, has estimated reserves of 8.83 billion barrels and a daily production rate of 3,248 barrels of light crude oil.

During his meeting with a delegation from Zhenhua Oil, Iraqi Oil Minister Hayan Abdul-Ghani said that a new oil discovery was made in the al-Qarnain block, which was awarded to the Chinese company as part of the fifth supplementary and sixth licensing rounds.

The Al-Qarnain block is located in southwestern Iraq along the Iraqi-Saudi border. It is considered a promising exploration area, covering 8,773 square kilometers.

The large geographical range suggests additional opportunities for potential reserves, paving the way for further exploration in the future.

Zhenhua Oil, a state-owned company under China’s Norinco Group, has been actively expanding its operations within Iraq’s energy sector. The firm has acquired rights to both the Al-Qarnain and Abu Khema blocks, which underscores its growing strategic role in Iraq’s upstream oil industry.

The new discovery supports Baghdad’s strategy to increase its oil production capacity to six million barrels per day by 2029.

 

[3n1]

thanks socal, thats good for iraq maybe someday they will have enough wealth to make their own currency competitive 

[Smokey Mtn. Dinar]

That's good that Iraq has a new oil source, but WHY do they let China have it?  Iraq should pump their own oil, and tell China where to go! 😈  

[3n1]

3 hours ago, Smokey Mtn. Dinar said:

That's good that Iraq has a new oil source, but WHY do they let China have it?  Iraq should pump their own oil, and tell China where to go! 😈  

 

Short answer: im sure you probably already know this SMD

Extraction of oil is a complicated, expensive and technical process. It is much more than allowing oil to flow out of a pipe in the ground, into a tanker and then selling it similar how exon mobile , haliburton , british and other countries have had contracts on other oil fields in iraq , iraq still owns the oil those drilling and pumping get a cut , iraq is still making bank . cheers