Turkish-US partnership to extract oil in Northern Iraq

[MotorDown]

MENAFN - 10/07/2005

(MENAFN) Turkish oil company, Pet Oil, will jointly extract oil with a US oil company in the Kifri region of Northern Iraq where rich oil reserves were detected


http://menafn.com/qn_news_story_s.asp?StoryId=99551

[Tyreds Tale]

MENAFN - 10/07/2005

(MENAFN) Turkish oil company, Pet Oil, will jointly extract oil with a US oil company in the Kifri region of Northern Iraq where rich oil reserves were detected

http://menafn.com/qn_news_story_s.asp?StoryId=99551

wow, wonder when these reserves where discovered!? Iraq has more oil than we think! And I wonder who the US company is?

[ShadowMaster]

wow, wonder when these reserves where discovered!? Iraq has more oil than we think! And I wonder who the US company is?

Only 10% of Iraq has been explored for oil. There is an estimated 200+ Billion barrels of oil in the remaining 90% of the unexplored regions of Iraq.

[Tyreds Tale]

OGS 2005 focus on Iraq
June 22, 2005
Dubai

OGS 2005, to be held in Dubai, is expected to be an important link between cutting-edge technology providers and investors in Iraq's resurgent oil and gas sector, according to organisers.

The premier Arab Oil and Gas Show will take place from November 7 to 9 at the Dubai International Exhibition Centre in the DWTC complex.

A projected $35-$40 billion is up for grabs as contractors vie to participate in rebuilding the Iraqi oil sector.
...
Iraq, on the other hand, is estimated to possess 115 billion barrels of proven oil reserves and an estimated 110 trillion cubic feet of natural gas, which is ten percent of the world's known reserves. As independent research has shown, one of the top oil rich countries, Iraq was producing 3.7 million barrels of oil per day in 1979 and 3.5 million barrels per day in 1999. These capacities declined abruptly to 1.5 million barrels per day in 2002 due to the recent political crisis.

By 2003, Iraq's weekly oil production dropped by 75 per cent as the Nymex near month crude oil price rose by 6.5 per cent. The circumstance required immediate action and companies jumped in to initiate the rebuild.

Funds in excess of $1 billion have been dispensed on reviving the oil sector in Iraq. The potential of the Iraq industry and the scale of projects to be implemented opens the door to companies in oil and gas related fields.


http://www.iraqiamericancci.org/iacci/news/latest%20news/067/new_page_17.htm

[ISX_TIME]

Only 10% of Iraq has been explored for oil. There is an estimated 200+ Billion barrels of oil in the remaining 90% of the unexplored regions of Iraq.

According to Benito Livigni, a former manager of ENI and the United States’ Gulf Oil Company, Iraqi’s oil reserves are estimated at 400 billion barrels, far more than the known figure of 116 billion.

http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/focusoniraq/2005/May/focusoniraq_May86.xml&section=focusoniraq&col

[dinarcrazy]

i have read this before the thing is that the other 284 billion barrels isn't as economically viable as the 116 billion barrels. but with crude on the rise, soon this shouldn't be an issue. and i have read reports that saudi arabia is floating the books and they don't have as much oil as they say they do. according to this report they will run out of oil in 50-60 years!!! so iraq really needs to get this sh@t pumpin right :D

[ShadowMaster]

According to Benito Livigni, a former manager of ENI and the United States’ Gulf Oil Company, Iraqi’s oil reserves are estimated at 400 billion barrels, far more than the known figure of 116 billion.

http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/focusoniraq/2005/May/focusoniraq_May86.xml&section=focusoniraq&col

The 116 B figure represents the known oil reserves that have been found in the 10% of Iraq that has been explored. As for the remaining 90% of iraq...estimates vary depending on who you talk to.