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Iraq's oil reserves could be almost double current estimates: report
AFP
LONDON
Petroleumworld.com 04 19 07
Iraq's oil reserves could be almost twice as vast as current estimates, and its production could also double in five years, a report from consultancy IHS has showed, the Financial Times reported on Thursday.
According to the business daily, the report, which it said was the most comprehensive independent survey of Iraq's resources since the US-led invasion of the country in March 2003, noted that such developments were dependent on an improving security situation in the Middle Eastern country.
"Obviously the security situation is very bad, but when you look at the sub-surface opportunity, there isn't anywhere like this," Ron Mobed, the head of IHS's energy division, was quoted as saying by the FT.
"Geologically, it's right up there, a gold star opportunity."
Doubling Iraq's oil reserves would mean an increase of 100 billion barrels of oil, which would make it the second-biggest source of oil reserves in the world, after Saudi Arabia and ahead of Iran, the FT said. Iraq is currently third on that list with 116 billion barrels of reserves.
IHS also said that Iraq could double its current rate of production in five years to four million barrels of oil a day, if international investment into Iraq increases.
The consultancy's study of Iraq's oil reserves is based on data collected before and after the 2003 invasion, and its prediction of an additional 100 billion barrels of oil there is based on an analysis of geological surveys.
It is all dependent on improved security in the country, and that has been slow in coming -- an avalanche of car bomb attacks on Shiite districts of Baghdad slaughtered 190 people on Wednesday.
AFP 19 0027 GMT 04 07
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