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IRAQ - Background Of Reserve Estimates.

APS Review Gas Market Trends

| April 30, 2007 | COPYRIGHT 2009 Input Solutions. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Iraq's oil and gas reserves data have been grossly conservative, with many single well discoveries passed over by IPC (BP, Shell, Total, Exxon, Mobil & Partex). Gas finds were neglected and associated gas was flared. Oil ministry officials claimed in the 1990s IPC had deliberately kept reserves figures low in order for successive governments in Baghdad not to press for higher oil production levels and not to attract competitive E&P offers from other foreign companies.

Oil reserves were proven at 25 bn barrels in 1960, and 27 bn in 1961 when Law No. 80 reduced the concession area of IPC and its affiliates (Mosul Petroleum Co. & Basra Petroleum Co.) to the limits of…

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Source: HighBeam Research, IRAQ - Background Of Reserve Estimates.

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