THE Iraqi Oil Thread pt 2 (merged)

[americandream]

They had 2 or 3 guys picketing the oil companies last year about 'Why do Canadian's have to pay the OPEC price for oil, when all of our oil comes from Alberta?'

It is a salient point.

No, it isnt. First of all a lot of non-Canadians are buying gasoline in Canada and there is no reason they shouyldnt be paying an Opec price. Second, if gasoline in Canada becomes cheap as in Venezuela or Iran half of USA will be buying gasoline there and no, you cannot card everybody at every gas-station. Third, a lot of Canadians who pay high $$ for gasoline do not really need them so it is a way for Canada to provide some extra padding for all the asses of lazybags and generally self-entitled crowds that you have grown there.

It's rumored that Wall Street has made off with lotsa padding. Way more than the crowds you berate are rumored to have.

[pana_burda]

They had 2 or 3 guys picketing the oil companies last year about 'Why do Canadian's have to pay the OPEC price for oil, when all of our oil comes from Alberta?'

It is a salient point.

No, it isnt. First of all a lot of non-Canadians are buying gasoline in Canada and there is no reason they shouyldnt be paying an Opec price. Second, if gasoline in Canada becomes cheap as in Venezuela or Iran half of USA will be buying gasoline there and no, you cannot card everybody at every gas-station. Third, a lot of Canadians who pay high $$ for gasoline do not really need them so it is a way for Canada to provide some extra padding for all the asses of lazybags and generally self-entitled crowds that you have grown there.

Actually, I do not see, either, as an advantage, to have that criminal subside to such product, in this country. It is a terminal hemorrhage bleeding pdvsa down to its very financial ... and operative death, among many other reasons, including, however, the BIG bucks involved in the extraction and smuggling of gasoline with our neighbouring countries. Guess whose hands those HEAVY revenews fall down to ?? lol

The company's profits have fallen in recent years, something the government attributes the drop to lower international oil prices.

But some industry analysts point to lower production and increasing debt.

Profits plummeted 53 percent in 2009, when the price of Venezuela's heavy crude averaged $57 a barrel — $20 below the average price a year earlier.

Meanwhile debt has increased from $7 billion in 2000 to $21.9 billion in 2009.

PDVSA has not yet released financial figures for 2010.

http://www.bloomberg.com/news/2011-01-17/venezuela-s-pdvsa-issues-over-3-billion-in-bonds.html

[OilFinder2]

>>> Iraqi Oil Production Reaches Post-Invasion High <<<

And, perhaps not surprisingly, as I write this, none of those commenting on the article had anything to say about the actual topic, all 5 comments so far insisted on changing the topic.

[sparky]

.
Oil finder , that's good news for the oil supply ,
one can suppose that Iran next door could ramp up its production quite a lot
of course there is the political situation and various embargo
but the geology cannot be denied

[OilFinder2]

LINK

MARCH 28, 2011, 11:56 P.M. ET
Output At Iraq S Oil Fields Rising As Oil Deals Kick In
By Hassan Hafidh
Of DOW JONES NEWSWIRES

BASRA, Iraq (Dow Jones)--International oil firms that won mega-projects in southern Iraq expect to boost the country's crude oil output capacity by 600,000 barrels a day by the end of the year.

"If things go as planned we will be reaching around 2.5 million barrels a day from southern oil fields alone by the end of this year," Dhiaa Jaafar, director-general of Iraq's South Oil Co., told Dow Jones Newswires.

Jaafar was referring to supergiant oil fields such as Rumaila, Zubair and West Qurna 1, which are being developed by some of the world's largest oil firms, including BP PLC (BP), Eni SpA (E) and Exxon Mobil Corp. (XOM).

ExxonMobil and partner Royal Dutch Shell PLC (RDSA) said Monday that they have increased output from West Qurna 1 to 285,000 barrels a day from 244,000 barrels a day.

BP said in January that it had raised production at Rumaila by more than 10% above the initial level of 1.066 million barrels a day, although the Iraqi oil ministry then said the field was producing almost 20% more oil than before, or 1.275 million barrels a day.

[...]

[M_B_S]

the liberation of iraq's people oil was the plan all along

look at the date on these ..

WAR for OIL

Secret memos expose link between oil firms and invasion of Iraq

By Paul Bignell

Tuesday, 19 April 2011
Plans to exploit Iraq's oil reserves were discussed by government ministers and the world's largest oil companies the year before Britain took a leading role in invading Iraq, government documents show.

http://www.independent.co.uk/news/uk/po ... 69610.html
*********************************************************************************************************

I have a message for every idiot in geo-politics:

Oil is the problem not the solution!

M_B_S

[rockdoc123]

this is ridiculous. That particular map has been avialable through IHS Energy since the mid-ninteies. I know because I had a copy of it at my former job. The genesis of the map was during the oil for food program when it was anticipated that Iraq would eventually open up acreage in the Western Desert to foreign exploration. This was not some secret US gov't/oil company initiative but rather an intiative on the part of the Iraq gov't at that time and many of the companies looking at entering were European, British and Canadian. That map is still available through IHS energy and they distribute the digital information for incorporation in arcinfo. Hardly secret stuff going on here.

[Sixstrings]

Iraq Slashes Projected Crude Output By Half Over Next 5 Years

And another huge hit to future oil supply. After Goldman released a report on Friday, backtracking on its April recommendation that clients sell crude, instead warning that "critically tight supply-demand fundamentals" will likely cause oil prices to "return to or surpass the recent highs by next year", "should Libyan oil supplies remain off the market", which it now appears they will considering Gadaffi is winning the Libyan civil war against the West-backed rebellion, here comes a stunner out of Iraq which has just slashed its 2017 oil production estimate from 12 million barrels to just 6.5-7 million bbpd.

Oddly enough, Iraq is being rational: "Baghdad believes it would not be in its interests to try to achieve the 12 million target by 2017 because boosting global supply would depress prices." Who would have though a cartel would think of itself first... Surely, this is great news for Saudi Arabia which will promise to hike oil production and replace the missing output only for it to be discovered a few months later that not only did it not to do that (as we just discovered now following the whole Libya fiasco), but that it just does not have the excess capacity.
http://www.zerohedge.com/article/iraq-slashes-projected-crude-output-half-over-next-5-years

Hm.. ok I'm stumped. So is this peak oil or not.. could be that global depression is forecast so Iraq is cutting production to keep prices up.

[Plantagenet]

I wonder if Iraq timed their announcement to be a response to the 15% sell-off in oil last week.

You'd think this announcement would provide some support to oil prices----it will be interesting to see if oil moves up or down in response to this announcement on monday.

[OilFinder2]

Or, maybe not.

Note this is 2 days later than the article in The Australian.

LINK

UPDATE 1-Iraq won't cut 12 mln bpd oil output capacity goal
Sun May 8, 2011 10:49am GMT
* Shahristani says Shell flare gas deal with cabinet
* Iraq does not plan to renegotiate oil contracts
(Adds quotes, details)

By Rania El Gamal

KHAIRAT, Iraq, May 8 (Reuters) - Iraq does not plan to lower its 12 million barrel per day oil output capacity goal or to redo contracts with oil firms over their plateau targets, Deputy Prime Minister for energy Hussain al-Shahristani said on Sunday.

"Absolutely not. There is no intention at all to renegotiate the contracts," Shahristani told Reuters at the launch of a power plant project outside the city of Kerbala.

Shahristani's comment followed market speculation that Iraq might have to officially slash its longstanding production capacity target of 12 million bpd and renegotiate contracts with international oil companies to reduce their individual output targets.

"We are contracted for announced production capacity of around 12 million barrels per day," he said. "But how much we will produce, really, this depends on the international market situation and the market demand."

[...]

[AirlinePilot]

Is there anyone here who believes they can make 12 mbpd within 5 1/2 years?

Seriously?

Has ANYONE on the planet made it past 11mbpd yet?

[evilgenius]

Maybe they will make it after the coming civil war?

[Cog]

The IEA was counting rather heavily on Iraq to come up with enough oil to fill the gap out to 2025. I wonder what fantasy they will try to spin on their next report.

[OilFinder2]

Must-read:

A veteran revisits Iraq's oil resource and lists implications of the magnitude

Iraq’s oil reserves, revised to 143.5 billion bbl in late 2010 from the 115 billion bbl official figure that held for several years, will no doubt turn out to be much larger than the late-2010 estimate

[...]

The total present Iraqi oil resource base of 331 billion bbl assumed at 31% recovery, an improvement by 15% (well within the future art of technology and Saudi present achieved recovery) would make Iraq’s resource on a par with Saudi Arabia’s, if not higher.

[M_B_S]

US envoy says Iraq critical to global energy needs
(AFP)
http://www.khaleejtimes.com/displayarti ... eeast&col=
2 July 2011
BAGHDAD - The US ambassador in Baghdad said on Saturday that the State Department has asked for a $6.2 billion budget for Iraq in 2012, underscoring that its oil and gas reserves were critical for the world’s future energy needs.

Nearly 50,000 American troops still remain, down from a high of 170,000 after the 2003 US-led invasion.

“Right now they are at about 2.2 million barrels (of oil) per day. They could go as high as four to six million within four or five years,” he said, noting that energy-related facilities remained vulnerable to insurgent attacks.

“There’s no other source of millions of new barrels in the pipeline anywhere in the world,” Jeffrey said. “The implications on the price per barrel are dramatic.”
********************


The great IRAQ Oil robbery is still in place...

IRAQ.....it was about oil and it is about oil.

Mr. pesident Obama!

OIL is the problem not the solution!

M_B_S

[Gambit21]

peak cheap oil is the new vogue.

Pay at the pump bitchezzz.....

Oil is the trigger to all things inflationary, war, currency flucks, etc.

Gold and silver, don't mean shit here except against ponzi fiat.

[Ferretlover]

Iraq Oil Output Has Reached a 20-Year High, Shahristani Says

Iraqi crude oil production jumped to the highest level in at least 20 years, or more than 3 million barrels a day, said Hussain al-Shahristani, deputy prime minister for energy affairs.
“Iraq’s crude production will rise to 3.4 million barrels a day by the end of next year, and exports will rise to 2.6 million barrels a day, including 175,000 barrels from fields in the northern Kurdish region, next year from a current average of 2.2 million barrels of oil a day,” he said.

bloomberg

[dissident]

Where's the 12 million bpd they promised us?

[Plantagenet]

The Iraquis can blow each other up all they want just as long as they keep the oil flowing.

[OilFinder2]

LINK

Iraq south oilfields to pump 2.75 mbpd by end 2012

(Reuters) - Iraq sees production from its southern oilfields reaching 2.75 million barrels per day (bpd) by the end of the year as the country, expected to be the world's biggest source of new oil supplies over the next few years, pushes to increase output.

Iraq's biggest field Rumaila, operated by BP, is currently producing 1.316 million bpd and is expected to boost output by 250,000 bpd in the second half of this year, Dhiya Jaffar, head of the state-run South Oil Co. said on Friday.

"We expect production from Basra oilfields will increase from 2.15 million barrels per day to 2.75 million barrels per day by the end of this year," he told a news conference in the southern oil-rich city of Basra.

Iraq aims to double its output over the next three years as it recovers after years of sanctions and war. Last month, the country's oil production rose above 3 million bpd for the first time in more than three decades.

[...]