OPEC producer Iraq developed a total of 199 oil wells in 2023 as part of an extensive post-war programme to rehabilitate its hydrocarbon sector, according to the Oil Ministry.

The Iraqi Drilling Company, an affiliate of the Ministry, completed the project through the year and is planning for a new development programme in 2024, IDC General Manager Khalid Abbas said, quoted by Aliqtisad News agency.

Abbas said the project included drilling of 67 new wells and the development of 132 existing wells in various parts of Iraq.
Iraq controls around 145 billion barrels of proven oil deposits which could last nearly 95 years at present output levels.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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