Iraq and Kuwait agreed to work with a global consulting company to evaluate potential oil reserves on the border areas, Iraq's Oil Minister Thamir Ghadhban said Sunday.

The minister's remarks came at a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Kuwait.

Ghadban said the production would be based on the results of the study and made on a win-win basis.

He did not specify the name of the consulting company, or when or where the study would begin.

Both Iraq and Kuwait have rich oil reserves, and are members of the Organization of Petroleum Exporting Countries (OPEC).

According to OPEC, oil and gas sector accounts for about 40 percent of Kuwait’s gross domestic product and about 92 percent of its export revenues.

The country has 101.5 billion barrels of proven oil reserves, and exported 2.01 million barrels of crude oil per day in 2017, according to the OPEC's Annual Statistical Bulletin 2018.

Iraq's proven crude oil reserves, on the other hand, stand at 147.22 billion barrels with exports hitting 3.80 million barrels per day in 2017.

Founded in 1968, OAPEC has 11 members including Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, United Arab Emirates and Tunisia.

Reporting by Idris Okuducu in Baghdad

Additional reporting and writing by Hale Turkes

Anadolu Agency

23.12.2018 · KUWAIT