Iraq's oil reserves could be almost double current estimates

[jmc247]

Source: AFP

Iraq's oil reserves could be almost twice as vast as current estimates, and its production could also double in five years, a report from consultancy IHS has showed, the Financial Times reported on Thursday.

Doubling Iraq's oil reserves would mean an increase of 100 billion barrels of oil, which would make it the second-biggest source of oil reserves in the world, after Saudi Arabia and ahead of Iran, the FT said. Iraq is currently third on that list with 116 billion barrels of reserves.

IHS also said that Iraq could double its current rate of production in five years to four million barrels of oil a day, if international investment into Iraq increases.

The consultancy's study of Iraq's oil reserves is based on data collected before and after the 2003 invasion, and its prediction of an additional 100 billion barrels of oil there is based on an analysis of geological surveys.

Read more: http://www.turkishpress.com/news.asp?id=172083

[ShortnFiery]

1. Now we know, perhaps with 100% accuracy, the TRUE reason for Invading and Occupying Iraq?

:shrug: IMO, our Ruling Class does not EVER wish to end the occupation of Iraq. :nuke: :(

[sce56]

2. And that means the Oil Co's biggest field is down for a while keeping the price up! He did say

Mission Accomplished he was right!

http://web.archive.org/web/20021013181055/

[aquart]

3. Too bad we made them hate us.

[Jacobin]

4. It might as well be on the moon

We'd have easier access to it there

[jakem]

5. Iraq may hold twice as much oil

Source: Financial Times Limited

Iraq could hold almost twice as much oil in its reserves as had been thought, according to the most comprehensive independent study of its resources since the US-led invasion in 2003.

The potential presence of a further 100bn barrels in the western desert highlights the opportunity for Iraq to be one of the world’s biggest oil suppliers, and its attractions for international oil companies – if the conflict in the country can be resolved.

If confirmed, it would raise Iraq from the world’s third largest source of oil reserves with 116bn barrels to second place, behind Saudi Arabia and overtaking Iran.

The study from IHS, a consultancy, also estimates that Iraq’s production could be increased from its current rate of less than 2m barrels a day to 4m b/d within five years, if international investment begins to flow.

That would put Iraq in the top five oil-producing countries in the world, at current rates.

The IHS study is based on data collected in Iraq both before and after the invasion, showing the oilfields’ reserves and production history.

Its estimate is based on analysis of geological surveys.

Production costs in Iraq are low, particularly compared to the more complex offshore developments.

IHS estimates that they are less than $2 a barrel.

But the development of the industry depends on an improvement in the security environment, which remains very difficult.

At least 170 people were killed on Wednesday in five co-ordinated car bomb attacks in Shia districts of Baghdad, the deadliest attacks the city has seen since US and Iraqi forces launched a joint security crackdown in February. The attacks came hours after Nouri al-Maliki, prime minister, claimed that Iraqi forces would be in a position to take over primary responsibility for security in all of Iraq’s 18 provinces by the end of the year.

Ron Mobed of IHS said: “Obviously the security situation is very bad, but when you look at the sub-surface opportunity, there isn’t anywhere else like this. Geologically, it’s right up there, a gold star opportunity.”

Of Iraq’s 78 oilfields identified as commercial by the government, only 27 are currently producing. A further 25 are not yet developed but close to production, and 26 are not yet developed and far from production.

Iraq’s government has estimated that it would need $20bn-$25bn of investment from foreign companies to get production up to its full potential.

Read more: http://www.ft.com/cms/s/23bedd7e-edd8-11db-8584-000b5df10621.html

---

Oh? more oil? such a surprise!

How fortuitous for the... um... Iraqis?!

[sutz12]

6. So the Iraq war was not only worth it.....

It was really, really worth it.

:sarcasm:

[paparush]

7. Hence the PERMANENT bases.......

[Gen. Jack D. Ripper]

8. The PNAC did it's research

To them, Iraq was a peach ripe for picking. So easy. Weakened regime. Nearly non-existent military. An invasion wouldn't take long, we could do it with ease. Once Saddam is removed from power and a new government put in place, the US will have a strong political presence in Iraq and a great deal of influence over what the small country does with it's massive amounts of oil. That much control over that much oil would be a heck of a thing to have for the US going into a new century in a world destined for an energy crisis. It's so obvious, just so obvious what this war was really about. It's right there, the writing's on the wall.

[Rabbit of Caerbannog]

13. Twice as much oil!? Then I think

we need to stay there twice as long to "protect" it
:sarcasm:

[maxsolomon]

9. PNAC strategy: when iraq "stabilizes", the oil will still be there

its not going anywhere during a chaotic war. but when it goes somewhere, its got to go here.

realpolitik. raw power. the future of our economic model & our hegemony. this is what its always been about.

[fshrink]

12. I think that de-stabilization is a profitable way

of obtaining oil. The cost is paid in large part by the nation (e.g. so-called "defense" spending) while the profits remain private. Ideal. Pipelines were the first structures operational, and lit up, after the invasion. De-stabilization of Iraq, and in fact of the entire ME, is a core idea of the PNAC strategy for the same reason: profitable way to do business and upsetting EU's market.

[lovuian]

10. Well unfortunately it takes huge amounts of military to get the

oil out of the ground and guard it and thats our chidren's lives so the oil companies can make millions and the US can have a military machine keep running

[kurtyboy]

11. A grand inconsistency from the PNAC

I surmise that the PNAC believes the oil in the Middle East ought not be left in the hands of dictators and despots, but rather to the imperial benevolence of the US and its complicit Western allies--to assure positive trade and widespread economic development, dontcha know...

But where does the sacred invisible hand of a free market play into all of this grand strategy? Does it not apply to nation-states as well as individuals? Are they not rational actors just like people in the street? I suggest that if they are not, then the invisible hand theory (and more widely, rational actor theory) is deeply flawed.

Hard to have it both ways. Either the international free market would have despots trading their oil at a price set by supply and demand, or it wouldn't. The PNACers say it wouldn't, and that means that the free market, in their eyes, is a failure.

BTW, along the same "rational actor" lines--wouldn't the acquisition of nuclear weapons (at their unbelievably exhorbitant cost) be considered a national treasure by said despots? Wouldn't they be extrordinarily averse to using them in any circumstance, and even more ridiculously averse to giving them to some rogue terrorist organization? C'mon--they're of no use when they're not under the despot's control....

Really, the big proliferation threat only grows when the posessors of nukes become failed states--then we got us a problem. Regional instabilities increase the likelihood of failed states. Pakistan, Isreal, and India own nukes. They are in dangerous proximity to a region suffering from instability. The instability arises as a result of the loss of faith by the PNAC in the free market.

But I digress

[DireStrike]

14. And I could be the legitimate heir to the pan-galactic empire

Heed me, children!

[cyberpj]

15. CHENEY'S SECRET ENERGY MEETINGS - This is what they discussed. No doubt in my mind. nt

[whopis01]

16. Iraq may hold twice as much oil

Source: Financial Times

Iraq could hold almost twice as much oil in its reserves as had been thought, according to the most comprehensive independent study of its resources since the US-led invasion in 2003.

The potential presence of a further 100bn barrels in the western desert highlights the opportunity for Iraq to be one of the world’s biggest oil suppliers, and its attractions for international oil companies – if the conflict in the country can be resolved.

If confirmed, it would raise Iraq from the world’s third largest source of oil reserves with 116bn barrels to second place, behind Saudi Arabia and overtaking Iran.

Read more: http://www.ft.com/cms/s/23bedd7e-edd8-11db-8584-000b5df10621.html

---

Seems oddly convenient for all of the Bushco companies that are in there now...

[Subdivisions]

17. Big deal if it does have twice the oil....

If it were sent exclusively to the US, it would only last 3 years. Take the oil industry as a whole and factor in the current numbers, and even if there is twice the oil, it won't do much to push back the peak of production.

[A Simple Game]

22. My math is probably wrong, but are you saying that we use

210,000,000 barrels of oil a day?

[dchill]

18. So I guess we'll be staying...

what are a few hunnert thousand deaths when thar's twice as much ole as we were already dying to get?

[Parche]

19. OIL

Its not only that, it is said that Iraq oil is the best crude out there, refined easy and
inexpensive...........

[daleo]

20. That means each death only cost half as much!

On a Death/(Oil Value) basis. Hurrah for the oil chimp!

[TwilightGardener]

21. BONUS, dudes!

[Megahurtz]

23. Well Hey!

Looks like Cheney is going to Fuck Iraq as long as he can...no wonder he won't pull out! :sarcasm:

[robbibaba]

24. Does it matter?

What if they found 100 times more oil? If we burn it the oceans rise and drown all our cities.

[hatrack]

25. And THAT'S why western oil companies are FLOCKING to Iraq

Oh. They're not?

Never mind.

[JCMach1]

26. Greg Palast discussed this in "Armed Madhouse"

[anotherdrew]

27. sure - they 'could' also be half current estimates n/t

[yurbud]

28. kick