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Iraq announced on Monday the discovery of a large oil field in Najaf province, in the south of the country near the border with Saudi Arabia. Initial estimates suggest one exploration area contains more than 8.8 billion barrels of crude oil.
The newly identified field is named the Qurnain block. It is located in southwestern Iraq in Najaf province, about 180 km from Baghdad, adjacent to the Iraq-Saudi Arabia border. The block covers an area of 8,773 square kilometers.
According to the article, a development, exploration and production contract for the area was signed on October 17, 2024.
Data published by the Iraqi Ministry of Oil indicates that drilling at the Shams-11 exploration well found light crude. The well showed an initial production capacity of 3,248 barrels per day.
The announcement was made during an official meeting between Iraqi Oil Minister Hayan Abdul Ghani and representatives from China’s ZhenHua Oil. The two sides reviewed exploration progress at the Qurnain block and discussed advanced drilling techniques aimed at improving exploration and production efficiency, with the goal of accelerating the field’s move toward production.
ZhenHua Oil, through its subsidiary Qurnain Petroleum Limited, is the operator responsible for drilling, exploration and seismic surveying activities at Qurnain under a cooperation agreement with Iraq. The Iraqi Ministry of Oil said the company has submitted a fast-track investment plan to accelerate development and bring the field into commercial production as soon as possible.
The discovery comes as Iraq faces declines in oil export activity amid the US–Iran conflict and disruptions at the Hormuz Strait, a key shipping route for Iraqi energy to global markets. Before regional tensions intensified, Iraq produced about 4.5 million barrels per day and ranked as the third-largest oil producer in OPEC, exporting about 3.5 million barrels per day, with roughly 90% passing through the Hormuz Strait.
Official Iraqi Ministry of Oil data cited in the article shows that exports in March 2026 fell to 18.6 million barrels, generating revenue of $1.96 billion. This represents a decline of about 71% in revenue compared with February, when Iraq exported more than 99 million barrels and earned about $6.81 billion.
The government is also pursuing a strategic project to construct a pipeline linking Basra in southern Iraq to Haditha in Anbar province on the Syria border. The project is described as having an expected export capacity of about 2.5 million barrels per day.
Before the Qurnain discovery, Iraq was already the fifth-largest holder of proven oil reserves, with about 145 billion barrels, according to the U.S. Energy Information Administration (EIA). That figure corresponds to 17% of Middle East oil reserves and 9% of global reserves.
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