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 ...
Maybe GW ain’t as dumb as he looks.
I am getting daily emails from these alternative fuels people. Many investment opportunities. I note that TAN on the DJIA has risen from 25 a couple weeks ago to 29, and this is the alternatives industry index. I haven’t bought anything and probably won’t. Too much flim flam.
True. America always gets fujced.
By all reports Iraq is somewhat under explored, but the known big fields all are found in a fairly narrow southeast to northwest band. [The same is true of Iran, Kuwait, Saudi Arabia and so on.]
If anyone is expecting big finds in the Western desert of Iraq, just look to Syria, a very very modest oil producer as a more likely analogy.
I agree. Something tells me that there will be serious capital investment in the oil sands and shale, but not in the short run. We’re still hoping oil prices will drop.
Huge investment in Alberta Oil Sands has already started. More than $160 Billion Dollars are being invested in commercial operations.
Inventory of Major Alberta Projects
http://www.alberta-canada.com/statpub/albertaConstructionProjects/mpindex.cfm
Scroll down, select “Oilsands” and click “Submit”
NYMEX crude 129.09
This is not a fluke at the end of the future’s life. All the futures are up similarly. Maybe tar sands are looking better, if not cheaper.
I think we could make a pretty good case that we should get oil for about 10 years at a sharp discount. Make em an offer they can’t refuse.....
“Fungible asset”...
You and I know what that means but not too many others seem to.
High fuel prices are in themselves a conservation measure and an incentive for new development. There isn’t anything in Alberta and Montana but bighorn sheep and cowboys, I hear.
If I were younger, I’d go to Alberta and work the shale. Maybe if they need technical writers, I’ll still go.
NFS!! I’ve been saying as much on FR for two years! All their “known” oil deposits are in areas near transport systems near the borders while areas in the center of the country oil bubbles out of the ground where there aren’t any oil fields.
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