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Iraqi oil reserves looking bullish

Published: Dec. 2, 2010 at 10:39 AM

LEXINGTON, Mass., Dec. 2 (UPI) — If all things go according to production plans in Iraq, oil production there could outpace Saudi Arabia within roughly seven years, an analyst said.

Supermajors Royal Dutch Shell and Exxon Mobil said they could eventually produce around 2.8 million barrels of oil per day from the West Qurna-1 field in Iraq.

Sameul Ciszuk, a Middle East energy analyst at IHS Global Insight, was quoted by Emirati news agency The National as saying much of Iraq’s quoted potential is based on technology used more than 30 years ago.

He said that with modern technology, both companies were able to determine there were more recoverable resources locked in Iraq than previously thought. The West-Qurna levels are 22 percent higher than earlier estimates, the report adds.

New revisions of estimated reserves in Iraq led the country’s oil minister to say in October that there were around 143 billion barrels of oil in Iraq.

Ciszuk said if all developments go ahead as planned, Iraq could be producing 13 million bpd at some point after 2017, beating Saudi Arabia by 1 million bpd.

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