Posted on 05/19/2008 3:50:49 PM PDT by Dawnsblood
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 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.”
West discuss oil for expertise deal with Iraq BP, BG, Shell and BHP to bid for Iraq oil Iraqi oil production hits post-invasion record 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 that could be used to rebuild after the 2003 United States-led invasion.
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.”
(Excerpt) Read more at business.timesonline.co.uk ...
Good timing. I guess.
So? They probably won’t sell it to us anyway and we won’t make them either.
I just hope that there aren’t any caribou walking around in Iraq.
Good thing we took all the oil for ourselves in the usual “blood for oil” gambit because we wouldn’t want to just leave in the ground for the Iraqis to decide how to benefit from it..... Halliburton has been secretly shipping it all to Texas to store it under George Bush’s ranch. /SARCASM
It’s all coming together....
There is an inevitability to GW Bush eventually being called a genius.
So let’s immediately get all our troops out of that country so it can be turned over to al Qaeda and Iran.
That’s the liberal energy policy. Make sure all our energy is in the hands of our sworn enemies.
Good thing Iraq isn’t governed by our Congress — they wouldn’t be allowed to drill for it. They’d have to buy the oil from Mexico, Venzuela or some other country.
I say annex them as the 51st state. Then, any attack on them is directly an attack on us and then blow the attackers all away.
Sounds familiar, like old news that was reported months ago. What counts is velocity.
The flat-earth lobby will fly in as many caribou as it takes to stop development.
Who cares about the caribou? What about the Alberta oil sands and the Montana shale? Isn’t it time to exploit them? No polar bears are in Montana, and if Hanna Montana were an endangered species, it wouldn’t affect things much either.
Any time since 1920 would have been okay. Now would be good. Find somebody with a couple $ billion to spare and go for it.
Enjoyed your /s but ironically the area of Crawford Tx (western part of McCellan County and Coryell County to the east) are areas of Texas where oil has never been discovered.
I’ll chip in $30.
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