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2008-05-22 Science & Technology
Iraq could have largest oil reserves in the world
Iraq dramatically increased the official size of its oil reserves yesterday after new data suggested that they could exceed Saudi Arabia’s and be the largest in the world.

The Iraqi Deputy Prime Minister told The Times that new exploration showed that his country has the world’s largest proven oil reserves, with as much as 350 billion barrels. The figure is triple the country’s present proven reserves and exceeds that of Saudi Arabia’s estimated 264 billion barrels of oil. Barham Salih said that the new estimate had been based on recent geological surveys and seismic data compiled by “reputable, international oil companies . . . This is a serious figure from credible sources.”

The Iraqi Government has yet to approve a national oil law that would allow foreign companies to invest. Mr Salih said that the delay was damaging Iraq’s ability to profit from oil output, robbing the country of potentially huge revenues. With oil selling for more than $125 dollars a barrel and demand rising, Mr Salih is frustrated that Iraq still struggles over the establishment of a regulatory framework. “There is a real debate in the Government and among political leaders about the type of oil management structures we should have. I am for liberalising this sector and allowing the private sector to come in to develop these vast resources.”

BP, Exxon Mobil, Chevron, Royal Dutch Shell and Total have been queuing for rights to exploit Iraqi reserves. Mr Salih confirmed that Iraq was negotiating the outlines of two-year deals with some of the companies. He was optimistic that a draft law could be approved in the near future.

“We need to recognise after so many decades of mismanagement of the oil industry that we need to call a spade a spade,” he told a group of delegates at the World Economic Forum in Sharm el-Sheikh. “We can regulate it, but we need private investment to develop Iraq’s production capacities.” He said that Iraq was pumping 2.5 million barrels of oil a day at present, earning about $70 billion (£35.9 billion) in revenue this year.

The price of oil bounced back to record highs yesterday when Opec refused to increase supplies following Saudi Arabia's promise to the US that it would provide an extra 300,000 barrels a day. In New York, the price of light, sweet crude for June delivery rose from $125.92 to US$126.35. In London, Brent crude for July delivery was up 82 cents at $125.81 per barrel
Posted by 3dc 2008-05-22 10:16|| || Front Page|| [11126 views ]  Top

#1 "The Iraqi Deputy Prime Minister told The Times that new exploration showed that his country has the world’s largest proven oil reserves, with as much as 350 billion barrels."

CHINA will be eyeing this. Hope Iraq realizes it has better friends in the West . . .
Posted by ex-lib 2008-05-22 10:44||   2008-05-22 10:44|| Front Page Top

#2 ...but we need private investment to develop Iraq’s production capacities.

Ya hear that congress? That is opportunity knocking. So lay off the oil companies, stop trying to do "windfall" taxes, tell them to head to Iraq and shut the fuck up.
Posted by DarthVader">DarthVader  2008-05-22 10:50||   2008-05-22 10:50|| Front Page Top

#3 Cheney knew all along.
Posted by Nimble Spemble 2008-05-22 10:56||   2008-05-22 10:56|| Front Page Top

#4 The two most told lies:

Penis size

Oil reserves size
Posted by Chuck Simmins">Chuck Simmins  2008-05-22 11:55|| http://northshorejournal.org]">[http://northshorejournal.org]  2008-05-22 11:55|| Front Page Top

#5 You're probably right chuck, but even if they have the second or third largest reserves, damn!
Posted by Varmint Thonter3006 2008-05-22 12:01||   2008-05-22 12:01|| Front Page Top

#6 And that should put to rest the notion that the war was for oil. We have given what is possibly the world's largest oil reserve back to the citizens of the country. It is their oil, we could have "taken" it, but we gave it to them.
Posted by crosspatch 2008-05-22 12:23||   2008-05-22 12:23|| Front Page Top

#7 Agreed Crosspatch, but it is nice to have 100,000+/- troops in the neighborhood.
Posted by Goober Jineting3229 2008-05-22 12:40||   2008-05-22 12:40|| Front Page Top

#8 Even better, we allowed the Iraqis protection and the opportunity to obtain this new data. If it wasn't known before yesterday, President Bush certainly didn't know when he ordered the invasion in 2003.

*snap*
Posted by trailing wife ">trailing wife  2008-05-22 12:46||   2008-05-22 12:46|| Front Page Top

#9 Chuck, true. But its all relative - no matter the lying, these are both in the "pr0n star" category.
Posted by OldSpook 2008-05-22 12:59||   2008-05-22 12:59|| Front Page Top

#10 You forget, tw, that although he is severely retarded, Bushitler is an evil genius who knows all there is to know about oil. He can see underground, into the future, whatever it takes.
/pseudo-lefty rant
Posted by Rambler in California">Rambler in California  2008-05-22 12:59||   2008-05-22 12:59|| Front Page Top

#11 Either way they should be angle drilling to pump up Persian Petrol. (c;
Posted by rjschwarz 2008-05-22 14:24||   2008-05-22 14:24|| Front Page Top

#12 If they start right now, the Iraqi government could be pumping new oil in months, at the height of the oil speculation bubble, and making huge amounts of money to rebuild with. They should have started three years ago.
Posted by Anonymoose 2008-05-22 16:10||   2008-05-22 16:10|| Front Page Top

#13 I am not a geologist, but looking at oil patch maps I can see a clear path of deep oil pockets, extending from the Saudi side and passing through a small part of Iran and right through Kurdish Iraq. The deepest single well is in Saudi Arabia. UAE supplies - off the patch map - are expected to run out by 2017 (hence all the investment in economic diversity). However, most of the deep pocket land area is in Iraq. And last I heard, only 15% of Iraq has been explored. Note: the largest US military airport in the world is located 50 miles north of Baghdad. There is no doubt that oil considerations determined its location. Voting for McCain will keep it there. And there is enough firepower on that base to make Iran look like the Moon.
Posted by McZoid 2008-05-22 18:34||   2008-05-22 18:34|| Front Page Top

#14 To me this is a no brainer and is going to be the engine that drives Iraq to prominence. It also is what is going to put every able-bodied male to work doing productive stuff instead of killing or planting bombs. Cripes, think about the work force needed to clear the Shatt Al-Arab waterway of derelict ships (then use the cut up steel in new buildings). The Iraqi government is going to be swimming in money pretty soon. They don't seem to be the sort to outsource the hard work (like the weenie Saudis and Kuwaitis). I see a very positive future ahead, so long as the holy men stay on the sidelines and take their cut quietly.
Posted by remoteman 2008-05-22 19:25||   2008-05-22 19:25|| Front Page Top

#15 At their current rate, it will take them over 350 years to pump it out. They'd better get to work, and hope they don't discover any more and get even further behind.
Posted by KBK 2008-05-22 21:19||   2008-05-22 21:19|| Front Page Top

#16 We know there's progress when they announce the pipeline across Jordan to the expanded terminal off Haifa. That's just the announcement, followed shortly by negotiations with Syria and Lebanese factions to build a terminal somewhere off Levantine shores.

Let's hope the RFPs are out forcing the Syrians to decide where there cut lies - with the shiite drillers and shippers, or the shiite bombers and farsis.

Will it be about religion or cash?
Posted by Harcourt Jush7795 2008-05-22 23:20||   2008-05-22 23:20|| Front Page Top

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