Iraq: Massive Oil Fields Are Iraq’s Biggest Asset — And a Huge Liability — in the Fight Against the Islamic State

Jun 25, 2015 | Landon Shroder, Vice News
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Tucked away in the southeast corner of Iraq, right on the border of Iran, is Basra Province. Under this dusty, humid, and scorched piece of earth sit some of the world's largest proven oil reserves. Estimates now suggest that Iraq is sitting on close to 144 billion barrels of oil, accounting for almost 90 percent of all revenue in the war-ravaged country. Most of this oil is being exported from "super fields" in Basra, which have been licensed to major international oil companies (IOCs) like Shell, BP, Lukoil, CNPC, and Exxon. Put into a more digestible financial perspective, just one of these fields alone — BP's Rumaila field — accounts for more than 50 percent of Iraq's total budget revenue, making it the single most valuable asset in the country.