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Edition: U.S. Article Comments (2) Save Email Print Reprints Most Popular Most Shared Obama swims in Gulf, says beaches open for business | Video 11:17am EDT U.S. hopeful Pakistan can avert big cholera outbreak 14 Aug 2010 U.S.-South Korea drills anger North, worry China 14 Aug 2010 Afghanistan says finds 1.8 billion barrel oilfield 4:51am EDT U.N. chief urges faster foreign aid for Pakistan | Video 11:16am EDT China paper warns military thinking outmoded 2:12am EDT Apple manager charged with taking kickbacks 14 Aug 2010 Scientists find new superbug spreading from India 11 Aug 2010 BlackBerry assures India on access to services | Video 13 Aug 2010 Apple manager charged with taking kickbacks 6:46am EDT Best of the week 13 Aug 2010 Afghanistan says finds 1.8 billion barrel oilfield 4:51am EDT Martin Luther has Wittenberg in a stir 500 years on 11 Aug 2010 Obama swims in Gulf, says beaches open for business | Video 11:17am EDT Cancer cells slurp up fructose, US study finds 02 Aug 2010 Strange and unusual 12 Aug 2010 Scientists find new superbug spreading from India 11 Aug 2010 Obama backs controversial New York mosque project | Video 14 Aug 2010 Analysis: Outsourcing reversed as Brazil companies target U.S. 11 Aug 2010 Kuwait's Agility Q2 net profit down 52 pct 12 Aug 2010 Commentary Iraq, America and hired guns In the often perverse logic that has driven America’s war in Iraq, as U.S. soldiers are withdrawn the number of private security contractors is set to rise, writes Bernd Debusmann. Commentary Afghanistan says finds 1.8 billion barrel oilfield Digg This Tweet This Share on LinkedIn Share on Facebook Factbox Factbox: Civilian deaths darken Afghan security picture Tue, Aug 10 2010 Related News Afghanistan says finds 1.8 bln barrel oilfield 3:30am EDT U.N. report says Afghan civilian toll up 31 percent Tue, Aug 10 2010 Group denies Afghan Taliban claims over dead workers Mon, Aug 9 2010 Afghanistan says to "deal with" security firms Sun, Aug 8 2010 Related Topics World » Afghanistan » By Sayed Salahuddin KABUL | Sun Aug 15, 2010 4:51am EDT KABUL (Reuters) - Afghanistan said on Sunday it had discovered an oilfield with an estimated 1.8 billion barrels in the north of the war-ravaged country, where U.S. and other foreign forces are trying to tame a Taliban-led insurgency. The discovery of the basin between northern Balkh and Shiberghan provinces was made after a survey conducted by Afghan and international geologists, said Jawad Omar, a spokesman for the ministry of mines. "I do not know its price in the market. But the initial survey says there are 1.8 billion barrels of oil and I think there will be more than what it is estimated," he told Reuters. Various estimates of Afghanistan's hidden wealth have been made in recent years, but the challenge of exploiting the resources in a country at war and with little mining infrastructure is daunting for most investors. Omar gave no more details on how the estimates were made but said the country will offer the reserves for development along with other minerals in the coming months. Afghanistan hopes that untapped mineral deposits valued at $3 trillion could help reduce the need to rely on Western cash for bankrolling its impoverished economy and for its soldiers to maintain security when foreign troops draw down numbers. But ravaged by three decades of foreign interventions and civil war, the central government now faces the Taliban insurgency and relies on foreign forces for control of many parts of the vast Central Asian country. The U.S. Department of Defense estimated earlier this year that Afghanistan's mineral resources could top $1 trillion, but experts say the fragile security situation could delay seeing the benefits of this wealth for years. Omar said an earlier plan for the tender of a 1.6 billion barrel Afghan-Tajik oil block in early 2011 was still on track. He said Afghanistan will retender by year-end a deposit of iron of 1.8 billion tonnes it had scrapped earlier this year due to the global recession and changes in the world markets. The untapped mineral resources include iron ore, copper, lithium, oil gas and gems which Afghanistan hopes to put for developing in coming years despite rising insecurity in recent years, the bloodiest period since U.S.-led troops ousted the Taliban in 2001. China's top integrated copper producer, Jiangxi Copper Co and China Metallurgical Group Corp, in 2007 became the first major investor in Afghanistan. They are involved in the exploration of the vast multi-billion dollar Aynak Copper Mine to the south of Kabul. Omar said the actual exploration of the mine will start after three years. (Reporting by Sayed Salahuddin, editing by Andrew Hammond and Sanjeev Miglani) World Afghanistan Comments See All Comments (2) | Post Comment Aug 15, 2010 7:10am EDT This is great for a couintry as poor as Afghanistan. As long as no body explotes it and some crooks dont get there hands on it and in control of it? maybe I do not belive the way they do as far as relegion,and the way they treat the women of the country ,I am sure that most of the Afganistanie people are good people, It has to be hard tho they have been at war for so long that all the younger people dont know what Peace is or what it is like not to see death and destrution all around! I could go for every about this, I just hope they use the new found wealth in a way that will help all the Afghanistan people! mikerast213 Report As Abusive Aug 15, 2010 11:39am EDT The Afghanis own the resources. Outsiders should be relegated to a financing or service role not an investing / ownership role when it comes to resources in particular. StinkBomb Report As Abusive See All Comments (2) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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