Russian company discovers huge oil reserve in Iraq

A large oil reserve has been discovered in the Iraqi province of Basra, a Russian company has revealed.

In a statement, Russia’a Lukoil said the well recorded daily flow rates of more than 1,000 cubic metres of oil from the Mishrif horizon.

The Iraqi Oil Ministry said the new figure will added to the 10 billion barrel oil reserves the country already has.

Read: Russia and Libya sign new oil deal

Lukoil and Japan’s Inpex secured a licence for oil exploration in the region in 2012.

The Russian company owns 60 per cent of the shares.

Iraq has been locked in a political crisis since the ousting of long time ruler Saddam Hussein in 2003 after a US-led invasion of the country.