Iraq Review: Major push to tap oil wealth

Iraq, which has the second largest oil reserves in the world, is going all out to lure foreign companies to tap its vast resources and boost production.
Iraq has launched a major drive to attract investments from multinational companies for its vast oil wealth.

Iraq, which sits atop the world’s second largest oil reserves, plans to boost production by tapping its huge resources.
Iraq has the second biggest reserves of crude oil after Saudi Arabia.
Proved reserves have been put at 115 billion barrels but with much of the country unexplored, reserves could be double that.
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Plans call for raising capacity to 3.5 million bpd from around 2.8 million bpd currently by 2007 and then up to six million bpd by 2010 or 2012, depending on security conditions.
The forecast came in a paper published by the Iraq Strategic Review Board.

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