Iraq announced the discovery of a new oil field in Najaf province, near the Saudi border in the country’s southwest. The field, discovered by China-based Zhenhua Oil, is estimated to hold reserves of 8.83 billion barrels (bbl). Current production is reported at 3,248 barrels per day (bpd) of light crude oil, according to Iraqi News.
During a meeting with a delegation from Zhenhua Oil, Iraqi Oil Minister Hayan Abdul-Ghani stated that a new oil reserve had been discovered in the Al-Qarnain block. The block was awarded to the Chinese company under Iraq’s fifth supplementary and sixth licensing rounds.
The Al-Qarnain block is located in southwestern Iraq along the Saudi border. Covering an area of 8,773 square kilometers, it is considered a highly promising region for oil exploration. Its vast size indicates significant potential for additional reserves, opening the way for further exploration opportunities in the coming years.
Zhenhua Oil, a state-owned subsidiary of Norinco Group, has been expanding its presence in Iraq’s energy sector. The company currently holds exploration rights for both the Al-Qarnain and Abu Khema blocks, underscoring its growing strategic importance in Iraq’s upstream oil industry.