Iraq the last untapped oil source

[MAW33326]

Here we go:

The fifth annual Iraq Petroleum Conference, with support from Upstream Principle Sponsor Crescent Petroleum, the Middle East's longest established private petroleum company, is currently underway in London.

Bringing together leading officials and industry executives – including Crescent Petroleum CEO Majid H. Jafar – the conference is focused on the next phase of developing Iraq's oil and gas resources as well as the current and future upstream opportunities.

In his presentation, titled Iraq’s Petroleum Potential: Policy Challenges Ahead, the Crescent Petroleum CEO stated that, on a global scale, and even with conservative estimates for oil demand growth, the world will need the equivalent of a new Saudi Arabia every 5 to 7 years, and that Iraq is perhaps the last untapped source of high potential and low cost oil on earth.

Speaking during the opening day’s first session on Iraq’s new government upstream strategy, he said: “Looking forward, the challenge for us is to maximize the revenues of Iraq’s massive energy reserves and potential, while responsibly deploying them in order to develop a diversified economy and wider prosperity for the Iraqi people.

“Iraqis maintain a strong sense of nationalism and self-reliance in oil matters, partly due to the decades of conflict and sanctions which left its oil sector isolated,” he explained, and quoted Article 112 of Iraq’s Constitution, which requires that the federal government, with the producing regional and governorate governments, “shall together formulate the necessary strategic policies to develop the oil and gas wealth in a way that achieves the highest benefit to the Iraqi people using the most advanced techniques of market principles and encouraging investment.”

He added that “the development of the local Iraqi private sector in every part of the value chain, from upstream to downstream, as well as contracting and services, is a vital objective to ensure maximum local economic benefit and job creation.”

Jafar was joined during the session – under chairman H.E. Thamir Ghadhban, Chairman of the Advisory Commission to the PM of Iraq – by H.E. Haider Al Abadi, Chairman of the Treasury Committee, Iraqi Parliament; Kenneth Fairfax, Minister Counsellor for Economic Affairs, American Embassy Baghdad; and Hans Nijkamp, Shell Vice President and Country Chairman - Iraq.

The Iraq Petroleum Conference, which brings together government and industry experts and serves as a forum to explore Iraq’s resource and business potential, kicked off at The Landmark Hotel yesterday (12 July), with international oil and gas companies from 70 countries, as well as key Iraqi oil and gas industry experts, in attendance.

http://www.albawaba.com/iraq-last-untapped-oil-source-383233

[The Machine]

Cheers for posting

[mqchau]

Good find bro.

Thanks

[R Veyron]

They are very aware of what they are sitting on.

[fnbplanet]

America is the last untapped oil source!

[seus]

America is the last untapped oil source!

Thinking about this, wouldn't that be interesting if the goal of our politicians, etc. by converting to the Petro-Dollar was to get all of their oil on the cheap so that we use all of it up, until technology allows us to tap into ours at which point we sell it to the rest of the world at say $50 / gallon...pretty long stretch I know, just an interesting conspiracy.

[Francie26]

America is the last untapped oil source!

Exactly!

[Dalite]

Thinking about this, wouldn't that be interesting if the goal of our politicians, etc. by converting to the Petro-Dollar was to get all of their oil on the cheap so that we use all of it up, until technology allows us to tap into ours at which point we sell it to the rest of the world at say $50 / gallon...pretty long stretch I know, just an interesting conspiracy.

More fact than Conspiracy.

Maintaining the Dollar as the Petro Reserve is crucial to the US monetary system. Keeping the Dollar viable is crucial to many other countries monetary system.

The US has no interest in depleting resources on US soil as long as the same goods can be purchased cheaper elsewhere, compared with the cost of a unionized labor force to facilitate their availability from US soil.

Oil is not a renewable resource; it can be depleted. We tolerate the lack of stability in most oil producing regions to protect the untapped value we have, until they deplete theirs and get the opportunity to pay our price; which probably won't be as little as we have been paying them per barrel.

The US has the potential to be the largest oil producing nation in the world; when the time comes to maximize the availability of resources..

[billy goat]

It appears the 'Saudi Connection' is finally making it's play. Crescent Petroleum (based in the UAE) is partnered with Rosneft - the leading Russian output, throughput hydrocarbon company. Globally, Rosneft maintains very efficient and profitable operations and is rooted in Africa and South American endeavor as well. I have warned of the cunning nature of the Arab/Sunni based jihad and their effort(s) to amass world energy dominance and I interpret this posting as confirmation.

[billy goat]

Thinking about this, wouldn't that be interesting if the goal of our politicians, etc. by converting to the Petro-Dollar was to get all of their oil on the cheap so that we use all of it up, until technology allows us to tap into ours at which point we sell it to the rest of the world at say $50 / gallon...pretty long stretch I know, just an interesting conspiracy.

Much of our untapped 'known' reserves were capped in the forties, fifties and sixties. The intent was to provide us with an 'ace in the hole' source in the event of an emergency. Rooted to defense strategy from WW2, the program has morphed into a vast network of potential. I'm not convinced of the leveraging aspect to your suggestion. There is way too much supply out there (proven, probable and possible) and for us to be so reactive just yet. It does sound good though.