More oil than expected in Iraq--Financial Times, UK

Lead story from tomorrow's World Media Watch at Buzzflash.com

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1//Financial Times, UK—IRAQ COULD HAVE TWICE AS MUCH OIL AS ESTIMATED
http://www.ft.com/cms/s/f75476b0-ee11-11db-8584-000b5df10621.html

Iraq could hold almost twice as much oil in its reserves as had been thought, according to the most comprehensive independent study of its resources since the US-led invasion in 2003. The possibility of a further 100bn barrels in the western desert highlights the opportunity Iraq has to be one of the world's biggest oil suppliers - and its attractions for international oil companies - if the conflict in the country can be resolved.

If confirmed, Iraq would be raised from the world's third biggest source of oil reserves with 116bn barrels to second place, behind Saudi Arabia, overtaking Iran. The study from IHS, a consultancy, also estimates that Iraq's production could be increased from its current rate of less than 2m barrels a day to 4m b/d in about five years, if international investment begins to flow. That would put Iraq in the top five oil-producing countries in the world, at current rates. … .

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Production costs in Iraq are low, particularly compared to the more complex offshore developments. IHS estimates that they are less than $2 a barrel. … .

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Ron Mobed of IHS said: "Obviously the security situation is very bad, but when you look at the sub-surface opportunity, there isn't anywhere else like this. Geologically, it's right up there, a gold star opportunity." … .

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