Iraqi Premier reports surge in oil and gas reserves

[k98nights]

Iraqi Premier reports surge in oil and gas reserves

Azzaman, July 5, 2013

There has been a substantial rise in Iraq’s oil and gas reserves in the past few years, according to Prime Minister Noori al-Maliki.

Maliki, who has just ended a visit to Moscow, has put the figure of Iraq’s gas reserves at 170 trillion cubic feet, while previous statistics by the Ministry of oil estimated the reserves at 128 trillion cubic feet.

Maliki was in Moscow to attend a leaders’ conference of gas exporting countries.

Most of Iraq’s reserves are associated gas the large portion of which are  currently flared due to lack of processing facilities.

However, contracts with foreign oil major worth billions of dollars, should reduce flaring to the minimum in a few years.

The premier reported a new hike in proven oil reserves, which he said it now stood at more than 150 billion barrels.

Iraq holds the world’s second largest proven reserves of crude oil but has so far been the 10th largest in gas reserves.

Iraq relies heavily on oil export revenues for most of its budget allocations.

Its massive oil and gas reserves have not always been a blessing and recently they have sparked a feud between the central government in Baghdad and the Kurdish government in Arbil on who has the right to collect royalties originating in the Kurdish north.

http://www.azzaman.com/english/?p=848

 

[Sweet baby dinar]

Get this HCL done and life will get better

[calkid11]

I agree get the HCL done we will all be happy.

[SocalDinar]

And these are just the proven reserves.

 

Thanks K98

[cooked]

I agree get the HCL done we will all be happy.

Yes we will be happy, but I question how much the Iraqi people will benefit. The governors and such will do well but the people will continue to wage war with each other.

[dontlop]

ya cant trust the medias spin over there ..heres two days ago ...

 

 

Baghdad (NINA) – Prime Minister Nuri al-Maliki said that Iraq's proven gas reserve is 112 Trillion cubic feet, ranking it the 12th in the World.

In a speech at the opening of the 2nd Summit of the Gas Exporting Forum, being held in Moscow, Maliki said that Iraq's probable gas reserve is estimated to be about 170 Trillion cubic feet.

[Alex38]

my gas reserves just surged.

[waterman13]

This is great for IRAQ, proven reserves:

 

"Iraq holds the world’s second largest proven reserves of crude oil but has so far been the 10th largest in gas reserves."

 

I believe they have more (unproven) yet to be found. I also believe that IRAQ will be the largest oil producer by 2020 or so. Russia and Europe really want the natural gas too. It could also be liquified and shipped all around the globe.

GO IRAQ! GO!

WM13

[billy goat]

2nd largest in proven oil reserves?   Just who verified that figure? 

[sandfly]

GO RV

[Amos9:13]

There was a report from a surveyor (2 years ago?) that reported Iraq had much more oil underground than originally believed.  If you dig for the article you'll find it.

[Darin]

Sort of weird to think about, but it appears their global ranking always changes.

I've seen them as 2nd, 3rd, and 4th.. And predictions that they could be #1 on proven reserves.

[billy goat]

There was a report from a surveyor (2 years ago?) that reported Iraq had much more oil underground than originally believed.  If you dig for the article you'll find it.

 

I am more inclined to believe the USGS  inventory and assessment conducted in (I think - 2009) and less the assertions by Iraqi officials who inflate known and proven reserve figures.  Iraq can't even maintain Sadam era output quotas because what little oil is left is too difficult to access.  An unbelievable amount of water is now required to extract existing oil from historically overworked oilfields with little to no mention of water transporting infrastructure.  I would like to see an independent audit and survey conducted by a UN team of industry engineers and geologists.  

 

Also, it seems a lot of people think oil reserves are assets that draw investment and ultimately fund an RV.  You can't monetize something that you can't see . Oil reserves aren't worth a plug nickel until the crude is extracted and held until sold (tangible resource).  Think about it from the perspective that few banks will write a mortgage for property without a dwelling on the site.