BAGHDAD (Xinhua/Anadolu) – The state-owned Iraqi Midland Oil Company says it has discovered huge oil reserves in the East Baghdad oil field.
Mohammed Yassin Hassan, director general of the company, said the new discovery is expected to add more than 2 billion barrels to Iraq’s oil reserves, according to a statement by the company.
Initial tests of the well showed a daily production rate of up to 5,000 barrels of crude oil, he said, adding that this discovery has strategic importance as it adds to Iraq’s oil reserves and enhances Iraq’s production capabilities, it said.
Iraq, a member of the Organization of the Petroleum Exporting Countries, holds more than 145 billion barrels of proven oil reserves.
The country’s economy heavily relies on crude oil exports, which account for more than 90 percent of its revenues. 
The Kuwait Oil Company also announced the discovery of a new oil reserve in the al-Julaiah offshore field within its territorial waters.
The company said in a statement, the discovery, estimated at around 950 million barrels of oil equivalent, is set to strengthen the nation’s standing as a global leader in crude oil production and exportation.
According to the statement, tests conducted on the Zubair geological reservoir in the Julaiah 2 exploratory well yielded promising production results. The field spans an area of 74 square kilometers, with reserves estimated at around 800 million barrels of medium-density oil, free of hydrogen sulphide and containing a low percentage of carbon dioxide.
Additionally, the field holds 600 billion standard cubic feet of associated gas, equivalent to 950 million barrels of oil equivalent.
The Julaiah field marks the second marine field discovered under the current exploration plan, following the discovery of the al-Nukhadha marine field in July 2024.