Iraq plans to announce on Monday its latest figures on the number of crude oil reserves in the country, according to the Ministry of Oil, reported dpa.
Since the fall of Saddam Hussein, Iraq's leaders have suggested that reserves could be up to three times greater than the current estimate of 115 billion barrels.
Asim Jihad, spokesman for the Ministry of Oil, said they will announce the latest figures in a press conference in two days with Oil Minister Hussain al-Shahristani.
"The new reserve figures will reflect the potential of Iraq's oil for the coming years," he said.
According to the Ministry of Oil, there are likely more oil reserves in the west and south of the country that have yet to be explored and are expected to include massive amounts of crude oil.
The country is estimated to hold up to 10 per cent of the world's crude oil reserves.
Iraq exports about 2.5 million barrels per day (bpd) and is hoping to increase that figure to 12 million bpd over the next six years to help with the cost of rebuilding the country.
There are currently 78 declared oil fields in Iraq, with up to 75 per cent of that located in the south of the country, with the remaining 25 per cent in the northern regions of Kirkuk, Mosul and Baquba.