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Page added on February 27, 2017

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Iraq Plans Offshore Oil and Gas Exploration to Boost Reserves

Geology

Iraq is planning to start offshore oil and gas exploration to boost the OPEC nation’s reserves, Oil Minister Jabar al-Luaibi said in a statement on Monday.

Luaibi said he “gave guidance to the Oil Exploration Company about the importance of exploring territorial waters to assess the hydrocarbons reserves and to boost Iraq’s capacity”.

Iraq last week announced an increase in its oil reserves to 153 billion barrels from a previous estimate of 143 billion barrels. Iraq has boosted output rapidly in recent years with the help of foreign oil companies to become OPEC’s second-largest producer behind Saudi Arabia. It agreed at the end of November to take part in an OPEC agreement to cut global supply to help to lift oil prices.

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3 Comments on "Iraq Plans Offshore Oil and Gas Exploration to Boost Reserves"

  1. Nony on Mon, 27th Feb 2017 6:40 pm 

    Interesting. Of course they don’t have a lot of offshore area. Very small coastline.

    https://upload.wikimedia.org/wikipedia/commons/1/1d/Iranian_borders_in_Omans_and_Persian_Gulf_(Cro).PNG

    And the border with Kuwait is contested.

    Of course, even this area is very prospective for oil.

  2. BobInget on Tue, 28th Feb 2017 12:03 pm 

    Just think a Canadian well producing 1000 barrels a day consistently from 2008, a company maker.

    In the GOM:

    Thunder Horse Oil Field – Wikipedia
    https://en.wikipedia.org/wiki/Thunder_Horse_Oil_Field

    Jump to Thunder Horse platform – Thunder Horse PDQ is the largest moored semi-submersible production oil platform in the world, located in 1,920 …
    Current production of oil‎: ‎250,000 barrels per … Start of production‎: ‎2007
    Estimated oil in place‎: ‎1,000 million barrels … Current production of gas‎: ‎200×10^6 cu ft/d …

    Off shore can be promising .

  3. BobInget on Tue, 28th Feb 2017 12:26 pm 

    A major ‘tell’…Off-Shore. Expensive:

    While a nice new Horizontal tight shale well can be operating in a few weeks, Ultra Deep off-shore needs prices well over $70, plus two years to ten years to break even,
    EVERY major crude producer, company is moving off-shore. Why? Cause they done used up all their once rich land based property.

    http://www.worldoil.com/news/2017/1/4/saudi-aramco-awards-offshore-epci-contract-to-mcdermott

    http://interfaxenergy.com/gasdaily/article/19876/kuwait-to-explore-offshore-acreage-in-2017

    OFFSHORE DRILLING & COMPLETION: RUSSIA

    Sakhalin Energy retains KCA Deutag for platform drilling
    Sakhalin Energy Investment Co. has extended KCA Deutag’s drilling services contract for three platforms offshore Sakhalin Island by four years until May 31, 2021.
    Gazpromneft-Sakhalin contracts semisub for Sea of Okhotsk wells
    Gazpromneft-Sakhalin has leased a rig from Hakuryu 5, Inc. to drill an appraisal well at the Ayashsky license block on the continental shelf of the Sea of Okhotsk.
    Gazpromneft Shelf brings two more wells online at Prirazlomnoye oil field
    Gazpromneft Shelf has started two new production wells at the Prirazlomnoye field offshore northern Russia.

    I equate off-shore with 800 million $ Block Buster movie with multi billion dollar box office expectations.

    OTOH, how about this year’s best pic Oscar winner made for 1.5 million?

    BIG OIL simply have no time for thousand barrel a day
    projects. Small, North American companies do.

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