Four billion barrel of oil are discovered in Kurdistan Iraq

An official in Kurdistan region stressed that three or four billion barrel of oil were discovered in the area. While Iraqi oil minister stressed too, that his country calls foreign companies to invest in digging oil wells.

Heritage Oil Company said that it discovered oil in Emtiaz west of Meran 1 in Kurdistan. natural resources minister Ashti Horami said Heritage will issue a press release in coming few months.

He added that total reserves in that area is estimated by 40 to 45 billion barrel.

Horami stressed that adding areas of conflict to Kurdistan may raise Kurdish reserves to 65 billion barrel indicating that Taqtaq Field production may reach to 250.000 barrel a day , and the drivable reserve are estimated by more than 1 billion of high quality oil.

Kurdistan Government signed contracts to develop Tawqi an Taqtaq fields with companies like Norwegian Dianao International, and Turkish Adax Petroleum and General Energy and the central government in Baghdad rejected these agreements.