Iraq 90% Unexplored For Oil

PARIS (AFX) – Only 10 pct of Iraq has been explored for oil and 60 pct of proven reserves are in undeveloped fields, the International Energy Agency said in a report that assessed the opportunities for development in the country.

However, ongoing security concerns, corruption, sabotage and political uncertainty make a government output target of 4.0 mln barrels per day by 2010 ‘appear optimistic’, the agency warned.

The comments were contained in a report on the medium-term outlook for the oil industry which included a section on the Iraqi industry.

The IEA said its forecast for Iraqi production capacity for the five years to 2011 was an average 2.5 mln barrels per day, only slightly higher than current levels of 2.0 mbd and below the government target of 4.0 mbd.

Forbes