Do you mean this????kenberthiaume wrote:Someone forgot to tell them about peak oil. I'll try to attach some links tomorrow. Huge undertaking. Anyone know how it's going?
Sun Jun 5, 2011
(Reuters)Iraq is rebuilding its oil infrastructure after years of conflict and has signed deals with major foreign oil companies to reach a proposed production capacity of 12 million bpd by 2017
http://af.reuters.com/article/idAFLDE7540GT20110605
Keith_McClary wrote:Do you mean this????kenberthiaume wrote:Someone forgot to tell them about peak oil. I'll try to attach some links tomorrow. Huge undertaking. Anyone know how it's going?Sun Jun 5, 2011
(Reuters)Iraq is rebuilding its oil infrastructure after years of conflict and has signed deals with major foreign oil companies to reach a proposed production capacity of 12 million bpd by 2017
http://af.reuters.com/article/idAFLDE7540GT20110605
kenberthiaume wrote:Someone forgot to tell them about peak oil. I'll try to attach some links tomorrow. Huge undertaking. Anyone know how it's going?
DesuMaiden wrote:kenberthiaume wrote:Someone forgot to tell them about peak oil. I'll try to attach some links tomorrow. Huge undertaking. Anyone know how it's going?
It is very unlikely they will be able to produce that much oil, since they peaked at 6 million barrels per day in 1978. Currently they produce about 3 million barrels a day.
westexas wrote:Recent net exports from Iraq (total petroleum liquids + other liquids, EIA, mbpd):
2008: 1.8
2009: 1.8
2010: 1.8
2011: 1.9
2012: 2.3
2013: 2.3
Combined net exports from the Top 33 net exporters in 2005 (including Iraq) fell from 46 mbpd in 2005 to 43 mbpd in 2013.
DesuMaiden wrote:Iraq has about 90 billion barrels of recoverable oil, which might sound like a lot of oil, but considering that the world consumes 90 million barrels of oil everyday that isn't really that much oil. Iraq's recoverable oil reserves will last for 1000 days for the entire world's oil consumption, which is about 2 to 3 years. In reality, there really isn't that much oil in Iraq.
kenberthiaume wrote:DesuMaiden wrote:Iraq has about 90 billion barrels of recoverable oil, which might sound like a lot of oil, but considering that the world consumes 90 million barrels of oil everyday that isn't really that much oil. Iraq's recoverable oil reserves will last for 1000 days for the entire world's oil consumption, which is about 2 to 3 years. In reality, there really isn't that much oil in Iraq.
90 billion here 90 billion there, pretty soon you're talking a serious amount of oil.
The article says their fields are 200 billion plus barrels. Easy cheap barrels. That's about 8 years of usage for the world. But it also means they could pump 10 million bpd for 50 years. More than enough to keep a lid on prices for decades. If it's developed.
At a meeting in Baghdad on Wednesday, Minister Jabar Ali al-Luaibi [Allibi] told OPEC Secretary General, HE Mohammad Sanusi Barkindo:
“Your visit comes at a time when Iraq is working hard to develop its oil industry, while at the same time fighting terrorism and achieving victories against ISIS in Mosul and other places in Iraq.”
HE Al-Luiebi also reiterated Iraq’s support to OPEC in the current oil market environment. He pledged that Iraq would continue to back the OPEC Secretariat and work together with Member Countries, as well as non-OPEC countries, to help stabilize and bring balance to the oil market.
Thanking HE Al-Luiebi for his welcome, HE Mohammad Barkindo expressed his happiness to visit Iraq, the birth place of the OPEC and the cradle of ancient civilizations. He stated that Iraq has played, and continues to play an important role alongside other Member Countries in helping achieve the stability that all producers, as well as consumers, desire.
In speaking about the current oil market, HE Mohammad Barkindo said that between June 2014 and January 2016 the OPEC Reference Basket price fell by 80%. It is, he added, the largest percentage fall in the six cycles of sharp price declines that have been observed over the past three decades.
HE Mohammad Barkindo also stressed that it was important to recognize that the current oil cycle has led to a dramatic drop off in oil market investments. He said that global exploration and production spending fell by around 26% in 2015 and a further 22% drop is anticipated this year, which overall equates to over $300 billion.
Later in the day, HE Barkindo met with the leader of the National Alliance, the largest Iraqi parliamentary bloc, and head of the Islamic Supreme Council of Iraq (ISCI) Ammar Al-Hakim.
The Secretary General will hold further talks with Prime Minister of Iraq, Dr. Haider Al-Abadi, on Wednesday and pay a courtesy call on the President of Iraq, Dr. Fuad Masum.
Secretary General Barkindo is expected to visit Kuwait and the United Arab Emirates early November in continuation of the extensive consultations post Algiers Accord.
(Source: OPEC)
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