Iraq said it was resuming exploration of its immense oil reserves after a break of nearly 20 years due to crippling UN sanctions, saying it hopes to double its proven deposits of crude.
“Today the Iraqi oil ministry celebrates a return to work by Iraqi oil exploration teams after 20 years of interruption,” ministry spokesman Assim Jihad told AFP.
Iraq and China are set to revive a US$1.2 billion oil deal that was canceled after the 2003 U.S.-led invasion, the Iraq’s oil ministry said.
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