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Iraq’s Oil Potential ‘Eyepopping’
DATE:2010-9-1  FROM:  AUTHOR:  DOWN:2012
 
Iraq’s untapped oilfields could within 10 years add 9.5 million barrels per day of oil output, if developed according to plan, says James Burkhard, director of oil research for energy consultants IHS-CERA. "The potential for Iraq to change the dynamics of OPEC is astounding, eyepopping," Burkhard told an auditorium of oil and gas execs gathered for a Microsoft-sponsored conference on energy last Thursday.


Though Burkhard says he doesn’t think such production growth is likely in Iraq, for political and security reasons, the country certainly has the geology to support such a bonanza — and then some. To understand how incredible is the potential of Iraq’s oil wealth, consider that in the past decade the whole world barely managed to increase the oil supply by 10 million bpd. Iraq could do that solo, the only country, that "has the potential to add the equivalent of a Saudi Arabia to the world oil market," says Burkhard.


For a better understanding of the specific fields that underlie this potential, like Rumaila, Majnoon and West Qurna, take a look at our special Forbes.com report on the 10 most important oilfields of the future. Did we leave out your favorite megafield? Get the order all wrong? Please let us know what you think.

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