Baku, Azerbaijan, Feb. 1 / Trend A. Taghiyeva /
Iraq's revenues from oil in 2011 increased to $83 billion compared to $52.2 billion in 2010, Asym Jihad of the Iraqi Oil Ministry told Trend today.
In 2011, Iraq extracted 2.5 million barrels of oil per day, up from 2 million in 2010.
Iraq plans to raise oil export revenues in 2012 to $100 billion by increasing oil exports, said Jihad.
"As of 2011, the number of drilled oil wells was 48, whereas in 2004 there were only 15 drilled wells," he said.
According to BP, the proven oil reserves in Iraq as of early 2011 amounted to 115 billion barrels. The country ranks third in the world after Saudi Arabia and Iran.
Major oil fields in Iraq such as Rumaila, Zubair, Nahr Umr, Majnun and West Qurna are situated in the south of the country. About 80 percent of oil produced in the country is exported. Iraq supplies oil to Jordan, Turkey and Syria.