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| Iran |
| Iran finds giant oil field |
| 2003-07-15 |
| Iran has found new oilfields, with total reserves as high as 38 billion barrels. Analysts say that only a small fraction of that may be commercially worthwhile, but it is nonetheless a very large find. This discovery serves to reinforce an important feature of the long term outlook for oil supplies - that reserves available for future exploitation are dominated by the Middle East and Opec, the oil producers’ cartel. Much will depend on how quickly oil consumption increases. But most analysts think that Opec is likely to account for an increasing share of world supplies. Saudi Arabia has the largest reserves, followed by Iraq. The discovery underlines that Iran too is likely to play a major role in future energy markets. And who says God doesn’t have a sense of humour? The new oilfields have the advantage of being near the coast, which will help with transport costs. But the crude oil they contain is heavy. It is more expensive to process and commands a lower price than the lighter oil which Iran produces at many other sites. Much of the new oil will not be worth recovering. And it will take many years to come on stream. Another recent discovery in Iran, made four years ago, has still not been developed and analysts say it is still years away. |
| Posted by:Bulldog |
| #4 Hey Where's France? I'm sure yhey'd be willing to put their collective lips on the mullahs' genitals just to get first crack at developing this new find. |
| Posted by: Bomb-a-rama 2003-7-15 12:10:27 PM |
| #3 It is a poor grade of oil. Fit only for export to Kafirs. Thus the continuing need for a nuclear power structure. |
| Posted by: Shipman 2003-7-15 8:38:53 AM |
| #2 Much of the new oil will not be worth recovering. And it will take many years to come on stream. Another recent discovery in Iran, made four years ago, has still not been developed and analysts say it is still years away. Well, that's what technology and progress are for, right? Give us a few more years--enough time for the mullahs to become history--and we'll have the recovery and refinement technology to make it worthwhile. In the meantime, it's good to know where the reserves are, so we can "encourage" a government and trade policies friendly to us. |
| Posted by: Dar 2003-7-15 8:25:08 AM |
| #1 I guess they don't need that nuclear power now, huh. What?! You mean... |
| Posted by: someone 2003-7-15 5:15:45 AM |