Iraqi Oil Ministry Confirms Promising Hydrocarbon Indications in Al-Qarnain Exploration Block

The Iraqi Oil Ministry has confirmed promising hydrocarbon indications in the Al-Qarnain exploration block in Najaf province, marking a potential addition to the country's light crude resources.

According to Salim Al-Rikabi, spokesman of the Iraqi Oil Ministry, the first exploratory well resulted in the discovery of a promising hydrocarbon presence of light oil, which is being further assessed through appraisal activities.

The project is expected to contribute to Iraq's light crude reserves and support future production growth, as Al-Rikabi noted. The country's current crude oil production stands at 2.75 million barrels per day (mmbbl/d), while exports have fallen to around 1.75 mmbbl/d due to export disruptions.

The Iraqi government has signed a one-year temporary agreement with Türkiye to transport up to 750,000 barrels per day from the Kirkuk fields through Türkiye's Ceyhan port, with potential to expand the volume to 1.5 million barrels (nmbbl) under a new agreement.