Being the second largest country in oil reserves, Iraq is spending lots more for the sustainability of oil productions to generate more and more revenue. According to the financial statistics of the Iraq Budget 2013, more than 93% of the total budgeted revenue will be obtained from oil exports. On the 18th of the June 2013 John Lee, a reporter of Iraq Business News reports that Missan Oil Company has announced that two new rigs will be added to the current equipment to increase the number of oil wells in that particular area.
The Director General of the company confirmed that two rigs have already been added which belong to Petro China and two new rigs will join soon. After the arrival of the last two rigs, total equipment will be 10. Two machines are under repair, he informed.
The Iraqi economy is totally dependent on oil exports, but the some initiatives have been taken to promote the non-oil development project. MOC resources are expecting that hailfaya oil field will give 16 billion barrels of oil and huge gas reserves.
Apart from neighboring countries many other have done oil agreements with Iraq, a number of multinational oil companies are working in various provinces and playing a vital role in Iraq’s economic growth. Latest equipment is being brought to the discovery of new oil fields. Considering the better security situation in Iraq, most oil companies will invest in Iraq. Currently Iraq is producing 3 million barrels per day.