Iraq oil development policy options: In search of balance

IRAQ'S REEMERGENCE—1Iraq may prove to have one of the world's greatest endowed petroleum resource bases, with oil potential reserves in excess of 215 billion bbl and ultimate proved reserves of around 140 billion bbl of oil. Moreover, its finding and development costs are low, among the lowest in the Middle East (Fig. 1). Click here to enlarge imageHowever, its historical maximum production rate in any year has not exceeded 3.5 million b/d, although its exploration and development history has stretched over eight decades.The traditional slow-go approach of Iraq Petroleum Co. (IPC) and associated companies, their ability to shift their activities where it best served their i...

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