A veteran revisits Iraq’s oil resource and lists implications of the magnitude

06/06/2011
Tariq ShafiqPetrolog & AssociatesLondonIraq’s oil reserves, revised to 143.5 billion bbl in late 2010 from the 115 billion bbl official figure that held for several years, will no doubt turn out to be much larger than the late-2010 estimate.The Iraq Ministry of Oil also announced an estimate of potential reserves of 215 billion bbl.In the nationalized decades leading up to the 1990s, 155 wells were drilled on 113 structures, many of which are 10 km long. Even structures that produced oil were not sufficiently investigated. The concept of what was commercial was influenced by oil priced at $1-3/bbl and conservative recovery factors.The exploratory drilling density in Iraq’s...
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