Iraq: Ministry To Resume Oil Exploration After 20 Year Pause
Voices Of Iraq
BAGHDAD, Aug. 6 (VOI) – The Iraqi Ministry of Oil will continue its oil exploration in the coming few days, ending a two-decade pause, an official ministerial spokesperson said on Wednesday.
“A celebration will be held in the coming few days and attended by the minister of oil, Hussein al-Shahrestani, on the occasion of the launch of the quake survey in al-Gharaf field in Thi Qar’s capital city of Nassiriya…,” Assem Jihad told Aswat al-Iraq - Voices of Iraq - (VOI).
The survey will be conducted by one of three ministerial teams that have been recently set up to undertake exploration work, Jihad said, noting that the teams are comprised of engineers, geologists, geophysicists and technicians.
The spokesperson explained that Iraq’s oil reserves is more than double the officially confirmed figure, which is 115 billion barrels, adding that the lack of exploration work throughout the past 20 years has played a role in the matter.
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Iraq is getting its shit together regarding oil faster than our congress. What a disgrace and what another black eye for our politicians.
August 6th, 2008 at 8:12 pmHere’s a blast from the past:
“…During the Arab oil embargo, we had sold oil on the spot market for $35 a barrel. That told us something: Demand for oil was so strong that price was no object….I was also convinced that in the long run the world economy would be healthier when oil sold at a price which would foster exploration of other forms of energy.” (Answers to History by the Shah of Iran)
And oil is how much a barrel now? And the Democrats are still dragging their heels about drilling?
August 6th, 2008 at 9:52 pmWe really need to rub ol’ Nancy’s nose in that….
August 6th, 2008 at 11:30 pmIraq ought to be able to start financing their own reconstruction efforts and give the US some of that oil…gratis.
I doubt that will happen anytime soon. In any event that news sure makes Hillary and her ilk look stupid.
Sharon Stone lines anyone?
August 7th, 2008 at 12:49 amI believe it is time to buy some Iraqi Dinars and wait for them to be 1000x what they are now … probably in about 5 years. I am think a small investment of 500 bucks and I will be able to put my kids through college and pay off the mortgage from the profits.
August 7th, 2008 at 5:45 ami bought $1500 worth in april.they’ve already gone up $100.
August 7th, 2008 at 2:08 pm