Iraq THE OIL SECTOR
Sources: The Library of Congress Country Studies; CIA World Factbook
Natural seepage aroused an early interest in Iraq's oil potential. After the discovery of oil at Baku (in what is now the Soviet Union, on the west side of the Caspian Sea) in the 1870s, foreign groups began seeking concessions for exploration in Iran and in the area of the Ottoman Empire that became Iraq after World War I. The Anglo-Persian Oil Company (later renamed the Anglo-Iranian Oil Company and still later British Petroleum) was granted a concession in Iran and discovered oil in 1908. Shortly before World War I, the British government purchased majority ownership of the Anglo-Persian Oil Company.
The discovery of oil in Iran stimulated greater interest in potential Iraqi oil resources, and financial groups from several major nations engaged in protracted negotiations and in considerable intrigue with the Ottoman Empire in order to obtain concessions to explore for oil in Mosul and in Kirkuk, two locations in what later was north-central Iraq. Although a few concessions were granted prior to World War I, little surveying or exploration was done.
Data as of May 1988
NOTE: The information regarding Iraq on this page is re-published from The Library of Congress Country Studies and the CIA World Factbook. No claims are made regarding the accuracy of Iraq THE OIL SECTOR information contained here. All suggestions for corrections of any errors about Iraq THE OIL SECTOR should be addressed to the Library of Congress and the CIA.