Saturday, December 19, 2009
Oil - "Iraq oil capacity 'to reach 12m barrels per day'"
This sounds like a pretty big deal...
This was recently reported on the U.K. BBC's website:
"If a daily total of 12m barrels was achieved, Iraq would overtake Russia and challenge Saudi Arabia for the position of the world's largest oil producer. However, Riyadh says it could produce 15 bpd.
Iraq's proven reserves now stand at 115bn barrels, below Iran's 137bn and Saudi Arabia's 264bn. But Iraq's data dates from the 1970s, before improvements in technology transformed the industry.
Mr Shahristani declared that Iraq had 'scores' of oilfields, including 'supergiants' - fields of 5bn barrels or more - to offer international companies in the future. "
