Iraq: Oil licensing packages after 2003 generated nearly a trillion dollars

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The Iraqi Ministry of Oil announced on Wednesday that the oil license rounds held after 2003 generated close to one trillion dollars in financial revenue for the state treasury.

During the inauguration of the new tanker “Sumer” at the port of Khor Al-Zubair in the Basra Governorate, Ali Maaraj, the Undersecretary of the Ministry of Oil for Distribution Affairs, made a statement.

In a statement released by the Ministry of Oil, Maaraj expressed admiration for the oil sector’s achievements in the past 18 years. The sector’s contribution to rising production and export, as well as generating revenue for the state treasury, was recognized as a significant national effort.

He emphasized the significance of licensing rounds, resulting in a national production increase of three million barrels and financial revenues exceeding 900 billion dollars.