Twice the oil in Iraq?

Stephen Beard Apr 19, 2007
HTML EMBED:
COPY

Twice the oil in Iraq?

Stephen Beard Apr 19, 2007
HTML EMBED:
COPY

TEXT OF STORY

MARK AUSTIN THOMAS: Iraq could be sitting on oil reserves that are double earlier estimates. That according to reports in the British press this morning, but some analysts are skeptical. From London, Stephen Beard reports.


STEPHEN BEARD: The international consultancy IHS has carried out what it calls the most comprehensive study of Iraqi oil since the U.S.-led invasion. The results are startling.

Iraq’s reserves are said to be “phenomenal”— 100 billion barrels bigger than expected.

The consultants claim that Iraq could double production to four million barrels a day within the next five years if only the security situation improved.

But Chris Skrebowski of Petroleum Review is not persuaded. He has his doubts about the study given the horrific violence in Iraq.

CHRIS SKREBOWSKI: Their ability to do much of a survey in such a difficult circumstance seems to me . . . well, I would need persuading that they’ve really been able to do a significant survey.

Even if it was significant, he says, we’re still a long way from knowing for sure that Iraq’s reserves are much more abundant than previously believed. Certainty only comes with drilling.

In London, this is Stephen Beard for Marketplace.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.