Iraq today announced new "extractable" proven crude oil reserves of 143.1 billion barrels, the third-highest level of reserves in the world by OPEC figures.
"Iraq's oil reserves which are extractable are 143.1 billion barrels," Oil Minister Hussein al-Shahristani told a news conference in Baghdad.
Shahristani said 71 per cent of those reserves were concentrated in the south of the country, 20 per cent in the north and nine percent in the centre.
The new figure represents a dramatic rise from previously announced known reserves of 115 billion barrels, and means Iraq leapfrogs Iran into third place in terms of proven reserves, according to data released by the Organisation of Petroleum Exporting Countries (OPEC).
It also provides a major boost to the country's hopes of rebuilding its battered economy and dated infrastructure, crippled by decades of conflict and sanctions.
Iraq currently produces about 2.4 million barrels of oil per day, but last year awarded contracts with foreign energy firms to exploit 10 oilfields in the hopes of upping its production as much as five-fold.
The country depends on oil exports for 95 per cent of government revenue.
It is also seeking to increase its production of gas, with a public auction slated for October 20 where inter- national companies can bid for the rights to exploit three gas fields.