Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on June 7, 2010
Iraq says 115 bil barrels of proven oil reserves conservative
Iraq’s proven reserves of 115 billion barrels of oil, about 10 per cent
of the world’s total, is a conservative estimate, Iraqi oil minister
Hussein al-Shahristani said Monday.
He added that the country’s estimated 120 trillion cubic feet of gas
reserves is also a conservative estimate.
Speaking at the Asia Oil and Gas Conference in Kuala Lumpur, he labeled
the reserves conservative in light of the fact that no new exploration work
has been done in the country over the past 30 years.
Giving a breakdown of the Iraqi fields, he said that of Iraq’s 78 already
discovered oil fields, nine were classified as super giants with over 5
billion barrels of oil each.
Concentrated mainly in southeastern Iraq, he said this was the world’s
largest concentration of oil fields. A further 23 fields were classified as
giant fields with over 1 billion barrels each.
Despite such rich reserves, Shahristani said that geopolitical factors
have resulted in underinvestment in the sector, as a result “the petroleum
sector was far below potential.”
That “it produces 2.5 million barrels per day is a powerful testament to
the ingenuity and courage of men and women in the petroleum sector,” he said.
2 Comments on "Iraq says 115 bil barrels of proven oil reserves conservative"
KenZ300 on Tue, 8th Jun 2010 7:51 am
Great @#$%^ — another country that hates us with more oil than they can use. Will we give our money to countries that want to do us harm or will we begin the transition to alternative fuels?
Stu on Tue, 8th Jun 2010 9:06 am
Stupid environmentalists will manage to ban or severly restrict offshore oil production, which is growing, and is the only growing oil production in the western world. This will mean we will be much more reliant on importing from middle east because Canada can’t ramp up production much, and only at massive environmental damage….think tar sands mining….mexico is in rapid decline. So, we invest in and develop Iraqi oil. In other words, we pay for all the infrastructure, the transport……and lets not forget the massive ongoing military protection that is going to have to stay forever to protect the investment against insurgents and terrorists……then in spite of all that…..we get seen as stealing their oil….after we have spent mega billions putting everything in place…..the Iraqis will nationalize the oil industry afffectively confiscating all our infrastructure and equipment. Then they will demand ongoing military protection in order to safegaurd our supply ……the whole time they get to sit back……do bugger all….and rack in the bucks……and all the while call themselves victims who are having their oil stolen. They will end up using massive amounts of their oil revenue on anti western propaganda……probably joining Iran in the ongoing campaign to undermine the west and cause the downfall of our civilisation. The whole time…….we have a few million barrels a day of production available in our own offshore regions. And while the enviros flock to their protests driving their suvs and all the other signs of their massive oil consuming lifestyes…….to protest every time someone even mentions drilling…….they will be selling our country down the toilet while claiming they have saved us.