Iraq has the largest oil reserves in the world  

Posted by Big Gav in , ,

The Times reports that the Iraqi government has upped its oil reserves to 350 billion barrels - the largest in the world. No [expletive deleted] Sherlock - wasn't this obvious years ago to anyone who bothered investigating it ? I wonder if all this newly recognised oil falls into the "discovered" or "undiscovered" category under the terms of the proposed Iraq oil law ? By the sounds of it it will still go to the western oil majors, regardless...

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.

2 comments

Anonymous   says 10:49 PM

No it wasnt known before, at least not by Peak Oil fools.

Peak oilsters have been claiming Gulf reserves are over stated, a truly cretinous assertion. OPEC, like any cartel, have a clear interest in UNDERSTATING resrves as this increases price at no cost to them. It also hides the total disaster that their state oil companies are.

Its clear that Saudi and Iran are also likely to have vastly greater reserves than they state as, like Iraq, they have declared reserves since 1988 as a multiple of arbitrarily set production quotas

There are vast oil reserves in the Gulf hidden away. Peak oil in the sense of any geological constraint in the next 20 years (and likely much more) is nonsense

The historical case for Iraq having much more oil than previously (officially) estimated - now rectified - is clear.

This is why I've always said that estimates of 96 billion or 110 billion barrels for Iraq were way off - and why I believe the Iraq invasion and occupation were all about controlling and profiting from this oil.

I haven't seen any evidence to suggest that oil discoveries in Iran or KSA have been suppressed, or that they were successfully prevented from producing oil as they saw fit.

Until you can produce some sort of evidence to support your claims you just sound like a crank.

Your conspiracy theory about OPEC behaviour is no more valid than the more doom oriented peak oilers who espouse the opposite belief.

So - in a nutshell - put up or shut up - at the moment you are just ranting.

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