Monday, June 10, 2013

Iraq

This article at The Oil Drum discusses Iraq. The article mentions that at least one more article will follow.

I post it because it provides a comparison of the Bakken with Iraq which is now the #2 oil producer in OPEC, having surpassed Iran last year.

In Iraq, there is a northern oil region (Kurdish) and a southern oil region (Shiite). The following pertains to the Kurdish region:
In recent times Euan Mearns has written of the potential for oil production in the Kurdish region in the north. In total this is estimated to hold around 4 billion barrels of oil, or around 17% of the national reserve. However, as exploration of the potential fields in Kurdistan continues, this estimate has been increased by the local government to a possible 45 billion barrels. Euan, for example, wrote about the development of the Shaikan oil field and the potential size of between 8 and 13.4 billion barrels that it showed in January 2012. Current plans are for production to reach 40,000 bpd “soon”, with production ramping up to 400,000 bpd.
The Kurdistan Regional Government (KRG) see it playing a considerable role in achieving their target of 400 kbd this year, 1 mbd by 2015, and 2 mbd by 2019.
The field is being developed by Gulf Keystone Petroleum.
The article alludes to factors that could limit Iraqi oil production, some of the same "factors" that I've suggested could limit Saudi production. 

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