China wins 5 oil fields in Iraq! Experts: Oil production is expected to rise to 6 million barrels by 2030

raq launched licensing bids for 29 oil and gas projects on May 11, with Chinese companies winning bids to explore five oil and gas fields in the country, Reuters reported.

Specifically, they are: China Man Oil & Gas Group won the bid for the northern extension of the oil field east of Baghdad and the middle Euphrates oil field across the southern provinces of Najaf and Karbala, China United Energy Group won the Al-Faw oil field south of Basra, and Zhenhua won the Qurnain oil field in the Iraq-Saudi border region. Intercontinental Oil & Gas won the bid for the Zurbatiya field in Iraq's Wasit region.

More than 20 companies have reportedly been pre-qualified for this round of licensing, including European, Chinese, Arab and Iraqi companies, but no US oil majors are involved.

Falah Al-amri, an adviser to the Iraqi prime minister on oil and gas issues, said the government hoped the new projects would boost oil production from about 5m barrels a day now to 6m by 2030.

The world has plenty of oil

As a non-renewable resource, oil reserves are very limited. At present, the global oil development capacity continues to improve, according to the "BP Statistical Yearbook of World Energy 2021" data released by BP company, 2012-2020, the global proved oil reserves on the whole show an upward trend, but the overall reserves change is not obvious. In 2020, the world's proven oil reserves are 1,732.4 billion barrels, up only 2.81% from 2012, but overall, the reserves are sufficient.

At the country level, global oil reserves show a clear concentration, with Venezuela (17.54%), Saudi Arabia (17.17%), Canada (9.70%), Iran (9.11%) and Iraq (8.37%) firmly occupying the world's top five.