Report: Iraq may have world's second largest oil reserves

Report: Iraq may have world's second largest oil reserves

www.worldtribune.com

Iraqi oil production could double in five years, according to a new study.
The report found that Iraq's oil reserves may be almost twice as much as previously estimated. The study by the U.S. consultancy IHS said another 100 billion barrels of oil reserves could be found in Iraq.

(visit the link for the full news article)

Wow, maybe we did go to Iraq for the oil, just kidding, but the fact that these oil reserves are so huge should make the price of gas go down here at home right? Wrong! I'm still paying over $3.00 U.S. for a gallon, something just isnt right here.

www.worldtribune.com
(visit the link for the full news article)

why did you automatically assume that just because oil reserve have been found - that the US will get the exclusive benefit?

No, it's more than that, I think. Preliminary geology seems to indicate world's largest reserves.

www.azzaman.com...

Perhaps America went to war in Iraq to exploit the vast reserves there, but such a plan couldn't've backfired worse. Constant sabotage by insurgents means that Iraqi petroleum extraction is still below prewar levels. I think this is a big part of the reason for the hike in oil prices.

Originally posted by Harlequin
why did you automatically assume that just because oil reserve have been found - that the US will get the exclusive benefit?

I guess because we have paid such a huge price to liberate the Iraqi people, how much is this war costing us again?? 3 million a day I think I heard somewhere. so why shouldn't we reap some benefit??

Again, comes back to the question of "WHY DID WE GO TO WAR?"

If this report of true, then its good news.....

Well for the USA and BRITS and alies of course... so maybe going to war was a smart move for the long term!!!!

Otherwise what else does iraq have to offer, the only other thing I can think of is that it next to iran in which they can spy upon plus have a large USA presence next to them without it being such a problem!!!!!!

Bush even said in a speech the other day, when he was questioned about bring the troops home, that they would leave when Iraq wanted them to and when they had "secured thier interests" over there.

Seems pretty clear to me.

CX.

Originally posted by the_sentinal

Originally posted by Harlequin
why did you automatically assume that just because oil reserve have been found - that the US will get the exclusive benefit?

I guess because we have paid such a huge price to liberate the Iraqi people, how much is this war costing us again?? 3 million a day I think I heard somewhere. so why shouldn't we reap some benefit??

If you haven`t noticed the Iraqi people don`t want the US there - so why should an invading army `reap` any benefit for an illegal invasion in the first place.

from what you said - this is all about oil.

just the volume of the proven reserves is staggering...
but the real deal is that this crude is the 'Sweet' type of oil,

the Iraqi reserves, which Iraq is reluctant to sign off on,
[[which means ratifing the contracts/agreements that the USA coerced from the puppet govenmant in Iraq]]...
to the Western-Worlds mega-oil corps
[scheduled to reap 90% of the profits]
is a sticking point that is rileing Cheney & BushCo.


So, i surmise that these proven reserves almost as large as the Saudi Arabian 'Sweet' crude reserves...
[[which is refined at 10 cents per gallon-of-gasoline]]
might indeed have been a 'reason' to lie about WMDs, Nukes-in-2-years,
a supposed AQ link & Saddam collaborating on 9-11 with radical-militants in Iraq....
because Iraq was seen as the low-hanging-fruit,,,
unlike Iran or Saudi Arabia...but the neocons were in error Again..huh?

People still go over the same thing, Why we are still paying so much for oil.

Again I will repeat myself, Oil in Iraq is for the benefit of the juicy contracts to benefit the oil barons and corporate America while controlling the last oil reserves in the planet for future energy needs.

Is not for you or me or any other regular Joe in our nation, but for the ones that will be getting that oil from the ground while rapping the Iraqi people off their on oil.

Iraqis are not stupid and they will fight to the end to stop US oil barons from taking what is theirs.


[edit on 18-7-2007 by marg6043]

Originally posted by St Udio
[[which means ratifing the contracts/agreements that the USA coerced from the puppet government in Iraq]]...
to the Western-Worlds mega-oil corps
[scheduled to reap 90% of the profits]
is a sticking point that is rileing Cheney & BushCo.

You are right as usual St Udio,

The war for oil in the middle east to control all that oil.

The government in Iraq is having a bad time trying to have the Iraqi people agreeing with the Oil barons contracts.

The 2005 Iraqi constitution influenced by US and UK pro oil advisors make sure that all the profits are to benefit foreign investors at the expenses of the Iraqi people.

You know when was the last time that US or UK had their hands on that sweet oil? almost 40 years ago.

They could not wait any longer so they waited patiently to get a government friendly to their manipulation.

Even with the sanctions against Iraq they could not stand having countries like China, Russia and France getting what they thought it was theirs.

And still the will of the Iraqi people was not and still is not taken into consideration.

What a whole bunch of corrupted group we have.

Originally posted by marg6043


And still the will of the Iraqi people was not and still is not taken into consideration.

What a whole bunch of corrupted group we have.

exactly right !
the Iraqi citizens (the 10% of them remaining in their home country)
are pawns, serfs, chattel, (a destiny for the ones that survive)
& collateral damage (the label the Empire puts on the ones that die)

the indigent Iraqi's, will be the service industry slave labor which will be needed at the dozens of fortress compounds that the 99year occupier
US Forces need, to make life easier & civilized at these permanent U.S. 'Bases' in Iraq.

I thought the recent increase again in gasoline prices was a refinary issue???

These Oil Company just cant make up there mind.......

Originally posted by hoochymama
I thought the recent increase again in gasoline prices was a refinery issue???

Exactly our problem here in our nation is all about lack of refineries to keep up with domestic demands.

Originally posted by the_sentinal

Originally posted by Harlequin
why did you automatically assume that just because oil reserve have been found - that the US will get the exclusive benefit?

I guess because we have paid such a huge price to liberate the Iraqi people, how much is this war costing us again?? 3 million a day I think I heard somewhere. so why shouldn't we reap some benefit??

Simple, its not your oil.
Realising that the war was illegial, and based on lies every penny from IRAQ's OIL should go to rebuilding Iraq and fixing the horrible mess we have created.
If one single cent or Iraqi oil profits makes it way to western bank accounts, Iraqi's will be justified in slaughtering every western citizen in the country.

I dare American corporations to even suggest they will profit of Iraqi oil, for the rest of time that oil will be symbolic of everything evil within the american corporate government.

Great statement by the last poster, bold but true.

To touch on the refinary issue, I can't understand why the Oil Industry continues to state that "So what we had RECORD PROFITS AGAIN, we are reinvesting that profit into new refinarys, oil exploration, new oil wells, etc.". That is such a load of crap that I cant see straight.

Oh, by the way, do a quick search on Google for the Condoliza Rice Oil Tanker..........

Remember, this report says; "The study by the U.S. consultancy IHS said another 100 billion barrels of oil reserves could be found in Iraq." This information was actually made public awhile back.

It not only takes time, but money to build the infrastructure needed to bring new reserves on line. Current Iraqi oil revenues support countrywide reconstruction efforts, maintenance, and other governmental expenses. If new discoveries are to be brought to world markets any time in the forseeable future, partnerships, and production sharing agreements with foreign companies would be a necessary evil for the Iraqi people.

Iraqi unions appear to be united against an oil law which would open up control of the country’s oilfields to multinational corporations ( a Bush priority). They're open to service contracts, but not partnerships. Meanwhile, in the North, a few small foreign companies (Norwegian, British, Swiss) have Jv'd exploration projects with the Kurds, but large multinationals seem to be holding off for the passage of a petroleum law.

Also, once Iraq is able to double it's current production level (still low), or once new reserves are tapped & marketable, will Saudi Arabia be willing to cut it's production (profit) to the levels necessary to accomodate additional golbal supply? They're currently in no hurry to increase production...as witnessed by $75+ oil.

Agit8dChop, I didn't say it was our oil, it clearly is the Iraqi's oil, all I was saying was that at least we could reap some benefit from this awful mess of a war by seeing an increase in oil production from Iraq, which should inturn drive oil prices down right???

The cost of this war has been monumental and Isnt slowing down anytime soon, at least we could see some cheaper gas prices for all our trouble over there, it would benefit the Iraqi's also, in that since they are rejecting production sharing agreements with foreign companies like OBE1 pointed out. they could stand to make huge amounts of money. money which could be reinvested in IRAQ not the US.

Originally posted by the_sentinal
Agit8dChop, I didn't say it was our oil, it clearly is the Iraqi's oil, all I was saying was that at least we could reap some benefit from this awful mess of a war by seeing an increase in oil production from Iraq, which should inturn drive oil prices down right???

I am in aggree'ance,

But it all depends on who benefits, profits etc from the oil.
If Iraqi oil firms took 100% of the oil profits, while contributing to the world oil market barrels and barrels of sweet sweet crude then im all for that..
I mean the Iraqi's make a pretty profit thus assisting in their land, they start building some industry etc etc, and American's, ultimately the world has some ease at the petrol bowser.
If the ease comes from Iraqi innovation and propserity, trumps all around I say. Unfortunatley I think out western corporates will be too quick to jump all over the oil bandwagon, and declare exactly what some people are

'' We saved you, therefore you owe us ''

I think we OWE it to the Iraqi people to build up their infrastructure, foot the bill then let them take in ALL the profits... I mean after all, It is their land we have devestated, their nation we have raped and their people we are murdering, and if the goal of the oil companies was for the populace to have an easier run, there fore this is what they'd get.
But you and I both know the oil magnates only care for $$$

It should be the priority of everyone western to dedicate our industry to fixing iraq.

I wanted to add that these stories always seem to surface, or recycle when prices are surging. For example...August 06 oil futures traded at a record high $79+bbl. Then on Sept. 6th, Chevron, Devon Energy and Statoil ASA, announced the discovery of massive oil reserves 30,000 ft. below the surface of Gulf waters. No matter that these 'estimated' reserves wouldn't be profitable (or even possible?) to extract given current technology. By Sept 19th, crude prices had dropped to a 6 mo. low of $61.66...eventually falling below $58bbl in October. Sure, there were other factors involved, but these announcements are often timed to influence market psychology at critical junctures...usually at the behest of various government agencies, or their corporate affiliates.

On Iraq, global demand may be able to absorb increased production by the time they're able to achieve it...possibly alleviating the Saudi issue I raised earlier.