Iraq oil output to reach 4.4 mbpd in 2015-Merrill
Mass quantities of abundance. LINK
20 Jan 2011 Aswat Aliraq
Iraq's Oil Reserve reach 500 billion barrels, official
BAGHDAD: Iraq's oil reserves have reached about 500 billion barrels till this date, Iraq's Oil MinistryIraq's Oil MinistryLoading...'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 MinistryIraq's Oil MinistryLoading... and the international oil companies, specialized in oil production and development of oil industrial institutions.
LONDON, Jan 14 (Reuters) - Iraqi oil production could rise
to 4.4 million barrels per day (bpd) by 2015, according to a
report by Bank of America Merrill Lynch on Friday.
The revision from 3.8 million bpd forecast a year earlier
had been prompted by "higher reserve estimates" released by the
government, the bank's commodities research team said in a note.
The Iraqi government raised its proven oil reserves figure
by a quarter in October to 143 billion barrels [ID:nLDE69100U],
placing it third in BP's (BP.L) list of global reserves holders.
The research group added that strong emerging market demand
growth coupled with falling non-OPEC output would at least
partly offset 1.9 million bpd increase in Iraqi output in the
run-up to 2015.
It reiterated that "crude oil prices will have to rise over
the coming years."
Iraqi production rose to 2.6 million bpd in December
[ID:LDE6BQ0AA] for the first time in 20 years, but remained
below the 3 million bpd it produced in the late 1980s, prior to
its invasion of Kuwait.
The bank said it remained "sceptical" that government plans
to boost output exponentially by 2020 could be achieved, noting
that security problems and infrastructure issues were likely to
continue to limit production...
Based on this article I call bull
on that 500 bbls figure, seeing the Iraqi's only revised their proven reserves to 143 bbls a few days ago. There's more to the article than quoted here, but really it's in cloud cuckoo land, once Merrill starts estimating Iraqi oil production out to 2025. Even then their analysts only peg it at 6.7 mbs p/d, which is way below whatever coke-induced delusions are being bandied about by Jihad. Now, there's an interesting name...