Skip to comments.Will Iraq’s energy boom postpone peak oil yet again?
Posted on 10/09/2012 4:57:05 PM PDT by bruinbirdman
Well, here is a shocker for the peak oil camp.
Iraqs oil output will more than double from 2.6 million to 6 million barrels a day (b/d) by the end of the decade. This is 45pc of world oil supply growth over these years.
It will reach 8 million b/d by 2035. By then, Iraq will have overtaken Russia to become the worlds second biggest oil exporter supplying China with 2 million b/d in a modern marine revival of the silk trade and earning $200 billion a year in revenues.
It will also be a major gas exporter.
That is the conclusion of a special report by the International Energy Agency on Iraq released this morning.
As a signed-up member of the cheap peak oil club not quite the same as peak oil I am watching this with great interests.
As the IEA says, this will require $530 billion of new investment. "The obstacles are formidable: political, logistical, legal, regulatory, financial, lack of security and insufficient skilled labour," it said.
Good luck to the Iraqis. Let us hope that they with the help of BP, Shell, Exxon, et al can pull it off.
They would eclipse Iran and transform the strategic balance of power within the Middle East hopefully for the better, though one never knows.
But right now they have a civil war on one border, a nuclearist, stone-hurling, clerico-Fascist with hyperinflation on a second border, and a near breakdown in relations with Kurdistan inside the country. They have not even passed a hydrocarbon law.
The IEA has long warned that the world faces a horrendous energy crunch before long as the industrial revolutions of Asia come of age, with China alone adding 20 million cars a year already
(Excerpt) Read more at blogs.telegraph.co.uk ...
Can’t predict the future, but $4/gallon sure seems to be a lot SMALLER issue for the MSM this election year than it was in 08.
no one alive today will see peak oil
Will reality negate another stupid liberal fantasy?
World proven reserves and projected peak production are vastly underestimated as the new fracking techniques have been little used in most regions outside of North America. Even in North America expoitation of these is only a small fraction of the known potential.
I am reasonably sure that there is plenty of oil in East Asia and the Middle East and that production can be vastly increased in both regions.
No, but fracking did.
It appears that has already been repaired.
Kurds Confirm Initial Oil Payment from Baghdad
The Kurdistan Regional Government (KRG), confirmed Monday that it had received an initial $547 million payment. "We can confirm receipt by the KRG of the first portion of the money which is 650 billion Iraqi dinars Baghdad will pay the KRG IQD1 trillion, some IQD650 billion out of which will be paid now, while the remaining IQD350 billion will be paid either by the end of this year or the beginning of 2013, depending on the central government's budgetary procedures. This agreement comes after KRG suspended crude oil exports of nearly 100,000 barrels a day in April, citing a $1.5 billion backlog owed by Baghdad.