[AAA]

IRAN: There will be oil and lots of it

Iran is reporting huge new discoveries of oil that contain "billions" of barrels of reserves, state radio quoted the managing director of the country's National Oil Co. as saying today.

"Billions of barrels of oil will be added to the country's existing oil reserves," he said in comments broadcast on state radio.

"Even if we make calculations based on the minimum 12% recovery rate," he said, "it means that 1 billion barrels of oil can be recovered from this field alone."

Link

[Schmuto]

Bad news for the Empire.

[NoWorries]

Yes, and I always take the word of the Iranian government at face value.

[Schmuto]

Yes, and I always take the word of the Iranian government at face value.

Do you take the news of any government at face value?

The U.S. government was telling us the economy was great right up until the moment that it was indisputable that a train had driven up our arseholes.


So who is the bigger liar?

[mos6507]

Yes, and I always take the word of the Iranian government at face value.

Yeah, like when's the next holocaust denier's convention? I'll believe it when I see it.

[vision-master]

Come an get it suckas.

[Aaron]

"it means that 1 billion barrels of oil can be recovered from this field alone."

[Roy]

Cue Dr. Evil:

"One BILLION barrels of oil"...

Think of the scene where Dr Evil says he will extort the world for one MILLION dollars, as if that's a lot of money and his associates giggle in amusement.



Let's see 1,000,000,000 divided by 80,000,000 = 12.5 days of supply for the world.

Wow. That's a huge discovery! Another Ghawar!! We're saved.

That new Chevy Camaro with the 426hp AL V8/6 MT is looking really good to me right now.

Vrroooom.

[seahorse2]

The fallacy of this argument is that increasing reserves increases amount of daily production. For example, the US has increased the amount of oil reserves it has, but increasing its reserves has not increased its daily oil production, which has steadily fallen since its peak.

[Pretorian]

Some racially challenged sub-species will breed through any discovery of whatever, give them time.

[dinopello]

Cue Dr. Evil:

"One BILLION barrels of oil"...

Think of the scene where Dr Evil says he will extort the world for one MILLION dollars, as if that's a lot of money and his associates giggle in amusement.

Hey, at $50/barrel, that's a lot of bling. At $200/barrel you could almost bail out a fair-sized bank!

[TheDude]

The fallacy of this argument is that increasing reserves increases amount of daily production. For example, the US has increased the amount of oil reserves it has, but increasing its reserves has not increased its daily oil production, which has steadily fallen since its peak.

Hey Seahorse. Actually US reserves overall look fairly logarithmic:



That massive dogleg up is 1970. Lotta good that did. To be sure there were reserves increases as well as decreases; this sort of tabulation isn't applicable at all to Iran, of course, who can simply pull numbers out of a hat as far as we know. India were actually auditing some of the Iranian claims, too, but it's easy to see where political intransigences could crop up in such a situation.

Headlines: Venezuela to develop Iran's oil fields; and Iran to develop oil field in Venezuela. Can you feel the love?

[Maddog78]

That new Chevy Camaro with the 426hp AL V8/6 MT is looking really good to me right now.

Vrroooom.

Hell yeah, looking good to me too.
Let's all buy a new Camaro and save GM.

[copious.abundance]

He added that further details of the find will be announced by the country's minister of oil in coming days.

Kewel, I look forward to adding to my catalog.

[copious.abundance]

EDIT: Oops, duplicate.

[Vogelzang]

I'm having an anti-peak oil orgasm!

Iraq's Oil Reserves: Untapped Potential
While its proven oil reserves of 112 billion barrels ranks Iraq second in the work behind Saudi Arabia, EIA estimates that up to 90-percent of the county remains unexplored due to years of wars and sanctions. Unexplored regions of Iraq could yield an additional 100 billion barrels. Iraq's oil production costs are among the lowest in the world. However, only about 2,000 wells have been drilled in Iraq, compared to about 1 million wells in Texas alone.

http://usgovinfo.about.com/library/week ... aqioil.htm
-------------------------
An Oil & Gas Journal (1/19/09) article, “Iraq’s Oil Prospects Prospects Face Political Impediments”, notes that Iraq’s proved reserves are 115 billion barrels, of 80 fields only 15 have been partially developed, the 7 largest fields contain 2/3rds of total reserves proven to date, and it’s potential reserves are 215 billion barrels, possible the largest of any country in the world. Finding cost is a fraction of a dollar per barrel and estimated finding and development costs are between $1.50 and $2.25 per barrel, among the lowest in the world.

http://www.energyinvestmentstrategies.c ... uld-surge/

Drill, Baby, drill!!!

[Pretorian]

Whether there's oil or not, something will stop the population grows sooner or later, and it won't be common sense I can tell you for sure.