Dateline Iraq Part 1 — An Update on Oil Production and Pipelines

It sometimes seems that we have forgotten all about Iraq. After all, this country has the 3rd largest reserves in the world (the standard figure is 115 bbo) after Saudi Arabia and Canada. There is an additional 110 trillion cubic feet of natural gas. That’s a lot of fossil fuels. Astonishingly, Iraqi Oil Minister Ghadban stated that Iraq had “unconfirmed or potential reserves” of 214 billion barrels in August 2004 — but see below. Many in the oil patch believe that America’s hidden motive for the war was to secure that oil & gas supply and establish a permanent military foothold in the Middle East outside the Saudi Kingdom. Whether you believe that or not, it behooves all those in the peak oil community to know what’s happening there.

A lot more on the current situation after the jump to The Oil Drum.