Tuesday, February 20, 2007
New studies show substantial oil and natural gas deposits in Sunni lands
Oil
(New York Times) Iraq has substantially increased its estimates of the amount of oil and natural gas in deposits on Sunni lands after quietly paying foreign oil companies tens of millions of dollars over the past two years to re-examine old seismic data across the country and retrain Iraqi petroleum engineers.
Although engineers in Iraq and the West have always known there are some oil formations beneath Sunni lands, the issue is coming into much sharper focus with the new studies, according to senior Iraqi Oil Ministry officials. The question of where Iraq's oil reserves are concentrated is taking on still more importance as it appears that negotiators are close to agreement on a long-debated oil law that would regulate how Iraqi and international oil companies would be allowed to develop Iraq's fields.
The new studies have increased estimates of the amount of oil in a series of deposits in Sunni territory to the north and east of Baghdad and in a series of deposits that run through western Iraq like beads on a string, and could contain as much as a trillion cubic feet of natural gas. And while it would take years to actually begin pulling gas and oil out of the fields even if the area soon became safe enough for companies to work in, energy corporations have been excited about the area's potential, even if it falls short of reserves in the Shiite south and Kurdish north. The deposit is the Akkas field, one of the beads on the string that runs from Ninewa Province in the north to the border with Saudi Arabia in the south.
Although engineers in Iraq and the West have always known there are some oil formations beneath Sunni lands, the issue is coming into much sharper focus with the new studies, according to senior Iraqi Oil Ministry officials. The question of where Iraq's oil reserves are concentrated is taking on still more importance as it appears that negotiators are close to agreement on a long-debated oil law that would regulate how Iraqi and international oil companies would be allowed to develop Iraq's fields.
The new studies have increased estimates of the amount of oil in a series of deposits in Sunni territory to the north and east of Baghdad and in a series of deposits that run through western Iraq like beads on a string, and could contain as much as a trillion cubic feet of natural gas. And while it would take years to actually begin pulling gas and oil out of the fields even if the area soon became safe enough for companies to work in, energy corporations have been excited about the area's potential, even if it falls short of reserves in the Shiite south and Kurdish north. The deposit is the Akkas field, one of the beads on the string that runs from Ninewa Province in the north to the border with Saudi Arabia in the south.
Labels: Akkas field, natural gas, oil, Sunni territory
