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Just for Iran: Iraq reserves may hold twice as much oil as thought
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 worlds 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 worlds third largest source of oil reserves with 116bn barrels to second place, behind Saudi Arabia and overtaking Iran. Of Iraqs 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. The study from IHS, a consultancy, also estimates that Iraqs 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. Production methods have advanced greatly in the past two decades, and methods such as horizontal drilling have yet to be deployed in Iraq. The introduction of modern technology by foreign companies has the potential to deliver steep increases in oil recovery. Who then will need Iran's oil? Another point in favour of JosephMendiola's prediction of Iran's implosion! :-) Posted by: trailing wife 2007-04-19 |
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