The two institutes of Ristad and US Energy Information Administration stated in separate reports that the amount of the Kurdistan Region oil reserves is about 3.7 billion barrels. The reports have reiterated the amount of the reserves is in the regions under the control of the Kurdistan Regional Government (KRG) and it does not include the disputed region's which both Erbil and Baghdad claim authority over.
The two institutes have stated in their reports that according to some estimations there are 45 barrels of oil in the region but the estimation includes the reserves that have not been proved and also the crude oil reserves in the disputed regions including Kirkuk which Kurds lost their control after the 2017 referendum of independence.
The reports have however noted that the region enjoys a large amount of natural gas reserves that could be exported out of Iraq.
The US energy administration have underscored in order to export the region's natural gas reserves, especially to Turkey and Europe, a large amount of investment is a must and a new gas pipeline has to built.
The continuing disputes between the KRG and the central government are among the obstacles that stop the region from developing its energy sector.
Reporter's code: 50101