| Submit your comments on this article |
| Iraq |
| Iraq - eia Country Analysis (Oil status) |
| 2005-10-05 |
| I am a bit late posting this but it is important. Note: The information contained in this report is the best available as of June 2005 and is subject to change. [..] Although Iraq's unemployment rate remains high (perhaps 30 percent or more), the overall Iraqi economy appears to be recovering rapidly from its condition just after the war, fueled in large part by U.S. and international reconstruction aid. For 2004, Iraqi real GDP growth was estimated by Global Insight at 54 percent, with 34 percent growth forecast for 2005. This follows a 21.2 percent decline in 2003, on top of more than a decade of economic stagnation and decline. On October 15, 2003, a new Iraqi currency -- the "New Iraqi Dinar" (NID) -- was introduced, replacing the "old dinar" and the "Swiss dinar" used in the north of the country. Since then, the NID has appreciated sharply, from around 1,950 NID per $U.S. in October 2003 to around 1,538 NID per $U.S. by mid-May 2005. [..] Total, long-term Iraqi reconstruction costs could run to $100 billion or higher, with an October 2003 donors conference in Madrid resulting in pledges of $33 billion (channeled partly through the International Reconstruction Facility Fund for Iraq -- IRFFI). In mid-October 2004, donor countries meeting in Tokyo agreed on the need to speed up the disbursement or promised assistance to Iraq. To date, only a small fraction of the money pledged in Madrid has been disbursed. [..] OIL According to the Oil and Gas Journal, Iraq contains 115 billion barrels of proven oil reserves, the third largest in the world (behind Saudi Arabia and Canada), concentrated overwhelmingly (65 percent or more) in southern Iraq. Estimates of Iraq's oil reserves and resources vary widely, however, given that only about 10 percent of the country has been explored. Some analysts (the Baker Institute, Center for Global Energy Studies, the Federation of American Scientists, etc.) believe, for instance, that deep oil-bearing formations located mainly in the vast Western Desert region could yield large additional oil resources (possibly another 100 billion barrels or more), but have not been explored. Other analysts, such as the U.S. Geological Survey, are not as optimistic, with median estimates for additional oil reserves closer to 45 billion barrels. [..] As of May 2005, Iraqi production (net of reinjection) had reached perhaps 1.9 million bbl/d, with "gross" production (including reinjection, water cut, and "unaccounted for" oil due in part to problems with metering) of around 2.1 million bbl/d. Most analysts believe that there will be no major additions to Iraqi production capacity for 2-3 years, but that 4.0 million bbl/d is possible by the end of the decade. only 17 of 80 discovered fields having been developed [..] Lots more info at the site.. |
| Posted by:3dc |
| #1 I used to think we should let Eurabia help with reconstruction of Iraq but maybe we should plan on staying so we can be sure of an oil supply in case terrorism shoots while we're down. We alone deserve the spoils of this war. |
| Posted by: Danielle 2005-10-05 14:21 |