Iraq Has The World's Oil

▐ The super-giant oilfields of south-eastern Iraq, particularly the Majnoon and West Qurna, together with the East Baghdad field, are the largest concentration to be found anywhere in the world. Oil exploration costs are among the cheapest globally, with the current cost estimated at around 50c per barrel compared with the current retail price of about $60 a barrel. Petroleum geologists have discovered 73 major fields and identified some 239 as having a high degree of certainty. Yet only 30 fields have been partially developed and only 12 are actually on stream. Undrilled structures and undeveloped fields could represent the largest untapped hydrocarbon resource anywhere in the world. While most other Middle East countries are fully exploiting their reserves, large parts of Iraq are still virgin.◘