Iraq claims largest oil reserves in the world

[Topol-M]

"Ok , apparently Bush may have a good reason to stay in Iraq (if he can)
and it is not just because he is a religious moron :"

BEIRUT, April 7 (RIA Novosti) - Iraq has oil reserves that are estimated at over 300 billion barrels, making the country the world leader in this sphere, the Iraqi oil minister said Saturday.

In his interview with the Lebanese Al Mashrik newspaper, Hussain al-Shahristani did not specify, though, whether this figure referred to confirmed oil reserves or to a general estimate.

According to official data, Iraq's confirmed oil reserves total about 112 billion barrels and the country has another 200 bln barrels in undiscovered reserves.

Saudi Arabia is considered the current global leader in confirmed oil reserves with 262 bln barrels, followed by Iraq (112 bln barrels) and Venezuela (about 80.8 bln barrels).

The Iraqi minister also said that his country could export up to 1.9 million barrels of oil per day, but the current unstable situation in Iraq, especially frequent terrorist acts at oil production and transportation facilities freeze the export level at 1.6 million bbl/d.

http://en.rian.ru/world/20070407/63284216.html

 

[osanowo]

lol there must be some serious sweating in Syria, Iran and Saudi Arabia at the moment... or is it just again disinformation?

 

[Asterix]

"Ok , apparently Bush may have a good reason to stay in Iraq (if he can)
and it is not just because he is a religious moron :"

BEIRUT, April 7 (RIA Novosti) - Iraq has oil reserves that are estimated at over 300 billion barrels, making the country the world leader in this sphere, the Iraqi oil minister said Saturday.

In his interview with the Lebanese Al Mashrik newspaper, Hussain al-Shahristani did not specify, though, whether this figure referred to confirmed oil reserves or to a general estimate.

According to official data, Iraq's confirmed oil reserves total about 112 billion barrels and the country has another 200 bln barrels in undiscovered reserves.

Saudi Arabia is considered the current global leader in confirmed oil reserves with 262 bln barrels, followed by Iraq (112 bln barrels) and Venezuela (about 80.8 bln barrels).

The Iraqi minister also said that his country could export up to 1.9 million barrels of oil per day, but the current unstable situation in Iraq, especially frequent terrorist acts at oil production and transportation facilities freeze the export level at 1.6 million bbl/d.

http://en.rian.ru/world/20070407/63284216.html

Depends on who is doing the estimating. From this, Iraq is claiming around 60% of their reserves as "undiscovered". Predicting possible oil fields is tricky, and is dependent on the skill, and in many ways the motives, of those doing the prediciting. Oil engineers gauge the volume of possible fields using a range from P10 to P90 (P referring to probability, 10 to 90 referring to percentage). Any honest enigineer will tend to use the lower number, as that as been born out over time with other discoveries. One who is not so honest will claim the higher number, pleasing the higher ups no doubt. Not to mention that all the easily extracted fields have been located decades before. We are far beyond the point when we need to wean ourselves off of oil consumption.