IRAQ LAND OF TWO RIVERS:

Iraq sits on at least 115 billion barrels of proven oil reserves, the world's third-largest behind Saudi Arabia and Canada. And analysts believe there could be much more, given that the country's western desert hasn't even been explored.

This country currently produces around 2.5 million bpd and attempts to raise output to 12 million bpd in some 6 years; however some of critics believe just 7-9 bpd is practicable but anyhow Iraq will be introduced as one of 4 major oil producers in the world after the said stretch;

Country Comparison: Oil - production

This Chart is the total oil produced in barrels per day (bbl/day). The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors.

The state-run Iraq Drilling Company is going to drill 180 oil wells in this year, and plan to drill more than 250 new wells every year from 2011 onwards. Thirty of the new wells planned for 2010 will be in northern oilfields and 150 in the south, adding roughly 360,000 barrels of oil per day to Iraq's output capacity; The approximate production that each well will add is 2,000 barrels per day, that is, they will together add 360,000 barrels per day and this will means additional revenue of billions of dollars for Iraq.

Baghdad MAY 2010- International Fairground;

Drilling in Iraq is a new target market at Global Petro Tech; through this goal we participated to the First International Infrastructure Exposition of Iraq at Baghdad International Fairground.

Beside the meeting with eager visitors, negotiation with several directors and drilling specialists from Iraqi oil State-companies as well as present Global Petro Tech Kish’s potency (one of our subsidiaries) which has 2 EPD projects in hand neighbor of the Iraq boundaries (8 & 9) , were the main consequences of this happening.