Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Chalabi, a former senior Iraqi oil ministry official, believes the country has huge undiscovered reserves on the grounds but no major development projects have been undertaken for more than two decades.
Deals With Iraq Are Set to Bring Oil Giants Back
By ANDREW E. KRAMER
Published: June 19, 2008
BAGHDAD — Four Western oil companies are in the final stages of negotiations this month on contracts that will return them to Iraq, 36 years after losing their oil concession to nationalization as Saddam Hussein rose to power.
Exxon Mobil, Shell, Total and BP — the original partners in the Iraq Petroleum Company — along with Chevron and a number of smaller oil companies, are in talks with Iraq’s Oil Ministry for no-bid contracts to service Iraq’s largest fields, according to ministry officials, oil company officials and an American diplomat.
The deals, expected to be announced on June 30, will lay the foundation for the first commercial work for the major companies in Iraq since the American invasion, and open a new and potentially lucrative country for their operations.
Joined: Mar 04, 2005 Posts: 2768 Location: New Zealand
Posted: Wed Jun 18, 2008 11:18 pm Post subject: Re: Iraq has ‘more crude oil’ than Saudi Arabia, says author
You've got support from the first post in this thread
Quote:
Last month geological surveys and seismic data compiled by several international oil companies exploring Iraqi oil reserves showed that Iraq has the world’s largest proven oil reserves, with as much as 350 billion barrels, significantly exceeding Saudi Arabia’s 264 billion barrels, according to a report in the London Times.
_________________ Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Joined: Nov 06, 2007 Posts: 759 Location: Illinois
Posted: Thu Jun 19, 2008 1:17 am Post subject: Re: Iraq has ‘more crude oil’ than Saudi Arabia, says author
PopeGideon wrote:
Well, one thing's for sure - if Iraq is the Mother Lode of oil, then GWB et alia knew that going in.
And my gut is telling me KSA peaked already, so Iraq may be it.
Iraqi Oil _________________ The oil barrel is half-full.
Joined: Apr 06, 2006 Posts: 3626 Location: 3 miles NW of Champoeg, Republic of Cascadia
Posted: Thu Jun 19, 2008 5:11 am Post subject: Re: Iraq has ‘more crude oil’ than Saudi Arabia, says author
Your link never opened for me, Graeme. And its contents are contravened by info in this one:
Quote:
Based on these results, the indications are clear that this vast region (extending from northwest Saudi Arabia through eastern Jordan and Syria, and western Iraq) is not very prospective for oil. In fact to discover 100bn barrels of crude oil in the Western Desert of Iraq, as suggested by the IHS report, would require discovering and delineating the equivalent of 3,000 Risha-sized oilfields. Clearly if this was a realistic possibility, many such prospects would have been discovered and drilled decades ago when intensive exploration became widespread across the entire Middle East region.
_________________ Cogito, ergo non satis bibivi
C'mon man, who're you gonna believe?
Joined: Mar 04, 2005 Posts: 2768 Location: New Zealand
Posted: Thu Jun 19, 2008 5:31 am Post subject: Re: Iraq has ‘more crude oil’ than Saudi Arabia, says author
This link works for me. It appears that two threads have been merged however, just give it some time.
Perhaps your report is much earlier than mine - can't confirm. I'm merely reporting what I read in the article which states that their evidence was compiled a month ago. Four of the oil majors lining up for oil contracts in Iraq is anecdotal evidence in support of the claim that large reserves exist in Iraq. _________________ Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Posted: Thu Jun 19, 2008 7:36 am Post subject: Re: Iraq has ‘more crude oil’ than Saudi Arabia, says author
TheDude wrote:
Your link never opened for me, Graeme. And its contents are contravened by info in this one:
Quote:
Based on these results, the indications are clear that this vast region (extending from northwest Saudi Arabia through eastern Jordan and Syria, and western Iraq) is not very prospective for oil. In fact to discover 100bn barrels of crude oil in the Western Desert of Iraq, as suggested by the IHS report, would require discovering and delineating the equivalent of 3,000 Risha-sized oilfields. Clearly if this was a realistic possibility, many such prospects would have been discovered and drilled decades ago when intensive exploration became widespread across the entire Middle East region.
Clearly if this was a realistic possibility? Logical fallacy ftw! Not to say that either/or is correct, just that someone's reaching. _________________
Posted: Thu Jun 19, 2008 7:44 am Post subject: Re: Iraq has ‘more crude oil’ than Saudi Arabia, says author
Graeme wrote:
Four of the oil majors lining up for oil contracts in Iraq is anecdotal evidence in support of the claim that large reserves exist in Iraq.
Four oil majors lining up small contracts in Iraq is anecdotal evidence that oil exists in Iraq. Hell we already know there are large reserves but where is the evidence of 350 billion barrels of proven reserve?
The total loss has risen sharply over the past two years as exports remain far below target, says Fadhil Chalabi, Executive Director of the London-based Centre for Global Energy Studies (CGES), which published the 600-page book.
Retails for £13500.00 - £350.00 extra for hard copy!
Quote:
The principal author and chief editor is Thamir Uqaili, a senior petroleum engineer with 40 years of experience in exploration and technical management in the Iraqi National Oil Company and at the Iraqi Ministry of Oil (MOO). The study was supervised by Chalbi, a former assistant secretary-general of Opec.
_________________ Cogito, ergo non satis bibivi
C'mon man, who're you gonna believe?
Posted: Thu Jun 19, 2008 4:42 pm Post subject: Re: Iraq has ‘more crude oil’ than Saudi Arabia, says author
I just don't get it - the big picture, that is.
I remember reading that Iraq could be able to provide 5 to 6 million barrels of oil/day with the know-how of the big oil companies, and also that the fields in Iraq have very easy-to-access oil. These proposed no-bid contracts could (reportedly) lead to longer contracts for the big western companies, so that could mean a few more million barrels/day available in a few years.
Canada is set to ramp up oil sands development to 3 or 4 times what is produced there now (shudder) and most of that will go to the US.
So, why are Bush and McCain suddenly saying, "Drill, drill off-shore, drill ANWR".l Remember a year ago, when Bush was pushing alternatives as the answer.
Could it be that demand is projected to increase that much over the next few years? Could it be that SA and Mexico are set to decline very quickly in the near future? A combination of the two?
Joined: May 20, 2008 Posts: 993 Location: I have a whole ward
Posted: Thu Jun 19, 2008 6:43 pm Post subject: Re: Iraq has ‘more crude oil’ than Saudi Arabia, says author
WildRose wrote:
Could it be that demand is projected to increase that much over the next few years? Could it be that SA and Mexico are set to decline very quickly in the near future? A combination of the two?
IMHO that is exactly the answer. The Saudi fields have been pumped hard for 30 years and they are plateauing or even peaking. Iraq will be able to take up the slack at current demand levels in the short term. Therefore, for strategic reasons, we need to be prepared to pump more at home. There is also the political pressure of making the Democratics look like they don't care about high energy costs.
We will not leave Iraq. We can't leave Iraq! If BHO gets into office and we do withdraw, it will be a disaster for the West. There is no substitute for oil at this time....if there ever will be a adequate substitute. _________________ Viddy well, little brother. Viddy well.
Posted: Thu Jun 19, 2008 8:21 pm Post subject: Re: Iraq has ‘more crude oil’ than Saudi Arabia, says author
How legitimate is the suggestion that even with no additional discoveries production could be ramped up and sustained at 5-6 mpd with a more stable political situation, which would delay peak by at least a few more years?
Joined: Aug 03, 2007 Posts: 4600 Location: Boston Suburbs
Posted: Thu Jun 19, 2008 9:08 pm Post subject: Re: Iraq has ‘more crude oil’ than Saudi
If they are going to be the very last of the supergiant producers, the iraqis stand to make BANK if they just stop sabotaging their own pipelines long enough to realize it. _________________ http://doomsteaddiary.blogspot.com/
Posted: Fri Jun 20, 2008 6:05 am Post subject: Re: Iraq has ‘more crude oil’ than Saudi Arabia, says author
Dan1195 wrote:
How legitimate is the suggestion that even with no additional discoveries production could be ramped up and sustained at 5-6 mpd with a more stable political situation, which would delay peak by at least a few more years?
That's the danger, at least to oil prices. And why IMO the region had to be destabilized... _________________
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Not to say that either/or is correct, just that someone's reaching. 
