Urgent: Iraq's Oil Reserve reach 500 billion (b) barrels, official

[k98nights]

Urgent: Iraq's Oil Reserve reach 500 billion ( barrels, official

1/20/2011 12:27 PM

BAGHDAD / Aswat al-Iraq: Iraq's oil reserves have reached about 500 billion ( barrels till this date, Iraq's Oil Ministry's official spokesman, Assem Jihad said on Thursday.

"The size of Iraq's oil reserves has reached about 500 billion ( barrels nowadays, whilst the previous oil reserves had reached 143 billion ( barrels," Jihad told a press expertise workshop, organized by the Italian News Agency, attended by Aswat al-Iraq news agency, adding that the above increase represent the 64 oil fields only.

Jihad said that Iraq's daily oil output would reach 3 million barrels per day (bpd), whilst the forthcoming few years shall witness its oil production to reach 10 million bpd, thanks to the development licenses signed between Iraq's Oil Ministry and the international oil companies, specialized in oil production and development of oil industrial institutions.

(P/T) / SKH

http://en.aswataliraq.info/Default1.aspx?page=article_page&id=140620&l=1

[seus]

Lets just say that with the price per barrel being $90, that makes their current reserves worth (500,000,000,000 * 90) = 4.5 x 10^13 OR (for you non-math inclined) 45,000,000,000,000 - 45 TRILLION USD! Who ever thinks that they can't afford an RV that's over $1 needs to look at the facts.

[Workinchump]

This is great news

[jack]

Lets just say that with the price per barrel being $90, that makes their current reserves worth (500,000,000,000 * 90) = 4.5 x 10^13 OR (for you non-math inclined) 45,000,000,000,000 - 45 TRILLION USD! Who ever thinks that they can't afford an RV that's over $1 needs to look at the facts.

The Iraqis says the oil wealth of Iraq belongs to the Iraqi people so with 21,000,000 Iraqi's that means 45 Trillion divided by 21 million =

$2,142,857 per every man woman and child in Iraq!

This means every single Iraqi young and old is a millionaire!

[Ateam]

From what I have already researched, Iraq and the rest of the modern world understood that they had about 500 billion with a posibility that it is MUCH higher due to lack of exploration. However, what I don't understand is only about 143 is usable for fuel purposes. Is this article stating that they have an estimated 500 billion usable? That would be awesome!

[JPR]

Yeah they can afford it however as long as the powers to be are content living in their palaces and having all they need do they really care about the average citizen of Iraq. Kind of what our own government thinks about the citzens here in USA.

[rj2011]

There is 27 trillion in dinar out there! Someone count the pay out at $3! Please

[Darin]

If from what I have read is correct about the RV-process, this is good. See, I believe the process works out like this (Only stated from what I have read on here) The GOI has to submit a 2009 Budget report, 2010 budget report, and a passed 2011 budget report, along with a list of assets which would include oil reserves and oil future(s)? which will help the IMF determine an appropriate rate that the GOI can RV at.

GOI can submit a requested RV rate, while the IMF will return saying yes/no, and if they believe it is too high, they'll give the rate I believe it will be & tell them why.

Makes sense.. So, high reserves is great!!!!!

Especially if their reserves is like our Federal Reserve and how their currency will be backed!

[PrinceAbubu]

Great news. That much in reserve oil gives them some SERIOUS clout and the RV can easily be justified. What better way to make their people rich than to RV and make them all millionaires?

Thanks for the post !!

[jimmey309]

K98 --

Very interesting.

[LEXICON]

Some "fuel" for thought. Iraq's projected reserves of 500 billion barrels of oil is a drop in the bucket compared to Alberta's oil sands. Alberta has an estimated 1.7 - 2.5 TRILLION barrels of unconventional oil. That's more oil than all producers in the world combined. I know "unconventional" right? too difficult to extract, with that said we are still #2 in the world for production. Im sure we will be bumped to #3 after Iraq becomes serious about their Govt. and their potential.

Something to think about though for investments after an RV. With the potential that Canada has, all it takes is a brilliant way to extract the oil from the tar more efficiently and Iraq no longer seems like the oil rich country that Canada could be....not that we aren't already.

I just wonder why the US isn't more serious about Alberta's oil. I know all the tree huggers hate what the oil sands are doing to the environment, so i think that's a problem.

Just my 2 cents.

[idplzr]

Let's remember they also hold the largest supply of natural gas.

[el Stevo]

Some "fuel" for thought. Iraq's projected reserves of 500 billion barrels of oil is a drop in the bucket compared to Alberta's oil sands. Alberta has an estimated 1.7 - 2.5 TRILLION barrels of unconventional oil. That's more oil than all producers in the world combined. I know "unconventional" right? too difficult to extract, with that said we are still #2 in the world for production. Im sure we will be bumped to #3 after Iraq becomes serious about their Govt. and their potential.

Something to think about though for investments after an RV. With the potential that Canada has, all it takes is a brilliant way to extract the oil from the tar more efficiently and Iraq no longer seems like the oil rich country that Canada could be....not that we aren't already.

I just wonder why the US isn't more serious about Alberta's oil. I know all the tree huggers hate what the oil sands are doing to the environment, so i think that's a problem.

Just my 2 cents.

I never thought I'd say this... but... Go Tree Huggers...

If the environmentalists are focused on protecting Canada's land, and trying to keep oil from being extracted, that makes Iraq's oil all the more valuable..

The more valuable Iraq's oil is, the more valuable our investment in dinars is... at least potentially.

So... Huggers of Trees unite... Chain yourselves carefully to the nearest Alberta Tree!

[Rome M]

HOLY SH**T

Thats' a lot of oil.

I kinda of thought this was coming, I made a comment on one of Doc's currency auction posts and said I wouldn't be suprised (I would do it if I were in charge) if one of the hold ups was Iraq finishing a survey or recalculation of their reserves, and waiting for more than only 10% of their fields to be explored would be a kick ass way to back up their money, their budget, the GOI,

THE RV BABY!!!!

That is the ONLY thing I have figured on happeneing, and by God it wasn't from INTEL, or boots on the ground (I am actually in Kuwait, but that doesn't matter), or anything thing of the like. It was from reading the news, studying their economy and resources, forming my own educated guess.

P.S. I do NOT want to be a guru, I just wanted to show that everything that I have predicted about the RV has been accurate: the waiting of more reserves to be discovered in order to fund their plans.

ONE OUT OF ONE AIN'T BAD, I WILL STOP WHILE I AM AHEAD.

If I throw out one more Idea and it is wrong, then I am batting at 50%, cant have that!

PEACE !!!

[LEXICON]

I never thought I'd say this... but... Go Tree Huggers...

If the environmentalists are focused on protecting Canada's land, and trying to keep oil from being extracted, that makes Iraq's oil all the more valuable..

The more valuable Iraq's oil is, the more valuable our investment in dinars is... at least potentially.

So... Huggers of Trees unite... Chain yourselves carefully to the nearest Alberta Tree!

Valid point 'el Stevo' but Iraq will have RV'd by the time the technology has been created to extract the oil from the bitumen efficiently enough to surpass Iraq's output. But when they do.....Alberta is gonna be the next oil super power. That's where some of my investment $$'s are going for sure!!

[CaptainJack]

Lets just say that with the price per barrel being $90, that makes their current reserves worth (500,000,000,000 * 90) = 4.5 x 10^13 OR (for you non-math inclined) 45,000,000,000,000 - 45 TRILLION USD! Who ever thinks that they can't afford an RV that's over $1 needs to look at the facts.

Dr. Seus .... if a currency's value was determined by a country's oil reserves ONLY, you would be right. But they're not, so you're not. Please look at the facts and do your homework before criticizing those that disagree with you (especially when they are more informed than you).

[BadCobra]

Lets just say that with the price per barrel being $90, that makes their current reserves worth (500,000,000,000 * 90) = 4.5 x 10^13 OR (for you non-math inclined) 45,000,000,000,000 - 45 TRILLION USD! Who ever thinks that they can't afford an RV that's over $1 needs to look at the facts.

Now those are numbers I would like to learn more about... Thanks for the post.

Edited January 21, 2011 by BadCobra

[Plumb Crazy]

HOLY SH**T

Thats' a lot of oil.

I kinda of thought this was coming, I made a comment on one of Doc's currency auction posts and said I wouldn't be suprised (I would do it if I were in charge) if one of the hold ups was Iraq finishing a survey or recalculation of their reserves, and waiting for more than only 10% of their fields to be explored would be a kick ass way to back up their money, their budget, the GOI,

THE RV BABY!!!!

That is the ONLY thing I have figured on happeneing, and by God it wasn't from INTEL, or boots on the ground (I am actually in Kuwait, but that doesn't matter), or anything thing of the like. It was from reading the news, studying their economy and resources, forming my own educated guess.

P.S. I do NOT want to be a guru, I just wanted to show that everything that I have predicted about the RV has been accurate: the waiting of more reserves to be discovered in order to fund their plans.

ONE OUT OF ONE AIN'T BAD, I WILL STOP WHILE I AM AHEAD.

If I throw out one more Idea and it is wrong, then I am batting at 50%, cant have that!

PEACE !!!

batting a .500 is pretty darn good, swing away!