SubscribeIraq May Have World’s Largest Oil Reserves
From the UK’s Times:
Iraq could have largest oil reserves in the world
Sonia Verma in Sharm el-Sheikh
May 20, 2008
Iraq dramatically increased the official size of its oil reserves yesterday after new data suggested that they could exceed Saudi Arabia’s and be the largest in the world.
The Iraqi Deputy Prime Minister told The Times that new exploration showed that his country has the world’s largest proven oil reserves, with as much as 350 billion barrels. The figure is triple the country’s present proven reserves and exceeds that of Saudi Arabia’s estimated 264 billion barrels of oil. Barham Salih said that the new estimate had been based on recent geological surveys and seismic data compiled by “reputable, international oil companies . . . This is a serious figure from credible sources.”
The Iraqi Government has yet to approve a national oil law that would allow foreign companies to invest. Mr Salih said that the delay was damaging Iraq’s ability to profit from oil output, robbing the country of potentially huge revenues. With oil selling for more than $125 dollars a barrel and demand rising, Mr Salih is frustrated that Iraq still struggles over the establishment of a regulatory framework. “There is a real debate in the Government and among political leaders about the type of oil management structures we should have. I am for liberalising this sector and allowing the private sector to come in to develop these vast resources.”
BP, Exxon Mobil, Chevron, Royal Dutch Shell and Total have been queuing for rights to exploit Iraqi reserves. Mr Salih confirmed that Iraq was negotiating the outlines of two-year deals with some of the companies. He was optimistic that a draft law could be approved in the near future.
“We need to recognise after so many decades of mismanagement of the oil industry that we need to call a spade a spade,” he told a group of delegates at the World Economic Forum in Sharm el-Sheikh. “We can regulate it, but we need private investment to develop Iraq’s production capacities.” He said that Iraq was pumping 2.5 million barrels of oil a day at present, earning about $70 billion (£35.9 billion) in revenue this year…
What excellent news.
Now we know why the Democrats and the rest of the America-haters are so hell-bent to drive us out of there.
7 Responses to “Iraq May Have World’s Largest Oil Reserves”
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May 19th, 2008 at 10:16 pm
Fat lot of good that does us…those cruds will find some reason to not give us first crack at that oil, and the ‘rats and their commie buddies will squawk “Environment, environment, environment” if we DO get a shot at it.
I swear, I never thought I’d live to see a day when our own government was so hell-bent to destroy this country! Four clams a gallon for gas, and those **cktards won’t open drilling in the US! The whole miserable lot of them…ALL OF THEM, REGARDLESS OF PARTY should be charged with treason and get their no-good necks stretched for what they’re doing to us!
May 19th, 2008 at 10:33 pm
Kurds, SR, Kurds. ;-}
May 19th, 2008 at 10:58 pm
SR, you really need to quit holding it all in, Its not healthy. ;-)
May 20th, 2008 at 12:05 am
An interesting video from Lindsey Willams speaking about the oil reserves in Alaska.
http://video.google.com/videop.....7167011147
May 20th, 2008 at 12:34 am
How about we freedom lovers in this Country . Declare war on those tree-hugging anti-establishment non-conforming radical ( paid by others ) socialist commie transgendered race baiting psycho-pimps .
Sorry ! You , ” earth is our mother types ” . Nobody takes you seriously anyway ! We all know our Mom is our mother . Duh ! Hope I didn’t leave anybody out .
Side note : Is the war out there or right here at home ???????????
Drill here ,drill now . Say yes to progress .
May 20th, 2008 at 1:17 am
Does anyone have any research on the Oil Slate reserves in Wyoming and Colorado? I thought I heard something about there being over 1 trillion barrels in reserves in the Oil Slate, there, but that we needed to do some work to figure out a cost efficient extraction method…but that was when oil was 60 bucks a barrel…now that we are at 130 a barrel, I would assume that the cos benefit analysis has changed some.
May 20th, 2008 at 4:07 am
The $130 USD price now is fueled by speculation. The MINUTE you announce that you are going to tap oil shale reserves, Alaska National Wildlife Refuge, Offshore Continental shelf of Florida, California and Eastern Seaboard the prices would drop like a stone! Thatls why you have so little interest in the alternate fuel sources, the smart money already recognize this as what it is.