Posted on 09/14/2019 9:40:51 PM PDT by NorseViking
With the U.S, Russia, and China all jostling for position in Iraq’s oil and gas industry both north and south, Iraq’s oil ministry last week reiterated its desire to have one or more foreign partners in the Mansuriya gas field. Situated in Diyala province, close to the Iran border, Mansuriya is estimated to hold around 4.6 trillion cubic feet of natural gas, with plateau production projected at about 325 million standard cubic feet per day.
For the U.S., encouraging Iraq to optimise its gas flows so that it reduces its dependency for power from Iran is the key consideration. For Russia, Rosneft essentially bought control of the semi-autonomous region of Kurdistan in northern Iraq in November 2017, so power in southern Iraq figuratively will complete the set.
Securing oil and gas contracts across all of Iraq will allow Russia to establish an unassailable political sway across the entire Shia crescent of power in the Middle East, stretching from Syria through Lebanon (by dint of Iran), Jordan, Iraq (also helped by Iran), Iran itself, and Yemen (via Iran). From this base, it can effectively challenge the U.S.’s vital oil, gas, and political ally in the region – Saudi Arabia. China, in the meantime, is operating to its own agenda in South Pars Phase 11 and its West Karoun holdings.
(Excerpt) Read more at yahoo.com ...
Yea, but the rest of the world gets their oil from the O-Peckers so it will drive prices up here. Economics 101.
LOL. Nice one:)
If the Russians buy the rights, then THEY can supply the troops to maintain security. A net win for us.
Good and bad. Prices go up here, more investment in fracking. Right now, low prices have pushed the frackers to the absolutely most safe and cheapest recovery-—but there is a LOT of oil out there.
Other than the Permian, most other oil plays are either fast becoming drilled up or a drop in the bucket (SCOOP/STACK). We need to convert more of the country to natural gas. OPEC knows we will be back soon. These horizontal plays only bought us about 20-30 years.
Gene’s. according to oil expert Peter Zeihan. Only the “easy” horizontals have been used up.
Let me jump on the “good point” bandwagon.
That is because at the current price deck and the cost to drill and complete a well that they are not commercial. A major component to all of the Permian wells is that they make a significant volume of natural gas and last I checked, they were getting next to nothing for it due to all of the bottlenecks.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.