British report: Iraq’s oil revenues would amount to 5 trillion dollars between 2013 and 2035
British report: Iraq’s oil revenues would amount to 5 trillion dollars between 2013 and 2035
16/11/2013 13:09
{Baghdad: Euphrates News} announced British report that the proceeds of Iraqi oil would be {5} trillion dollars between 2013 and 2035 as it prepares to increase production faster than any other country and has the potential to become the largest exporter of crude oil in the world.
According to a report of the Bank of the United Kingdom of Standard Chartered Bank on Saturday and seen by Agency {Euphrates News} “Although the concentration of Iraqi newspapers recently exacerbated sectarian strife in Iraq, it stands on the threshold of re-confirm its position as a hub mainly in the world with regard to oil production and export.” He added that “Iraq is preparing to increase production faster than any other country, and has the potential to become the largest exporter of crude oil in the world. between 2013 and 2035, you could get Iraq to nearly $ 5 trillion proceeds of oil, or about 40 twice the GDP of the country in 2010, according to estimates by the International Energy Agency in October 2012. ” and the British report said that “Iraq has oil reserves are enormous and geologically very favorable makes crude oil cheaper in terms of the cost of exploitation in the world,” stressing that “estimates Energy Agency International indicate that the investment required to create a new infrastructure for energy supply up to more than $ 530 billion. ” and pointed out that “Iraq if he wants to become the first in the world in oil production, he will have to overcome political instability, and foremost stop attacks on oil infrastructure, “pointing out that” the actual fact impose expectations of modern regarding Iraq’s production of crude oil, about 6 million barrels per day by the year 2017, nearly half of the 12 million barrels per day, which had been expected earlier. ” the report continued, “while Iraq faces challenges and setbacks, the new fields coming from that will help to increase production, which offset the shortage latter, and one of the features of the oil fields in Iraq, which distinguishes them from the rest of the oil fields in the world is geology, which makes drilling less complicated and expensive than it is in countries like the United States, Canada, Brazil, and, moreover, requires Iraqi crude refining less oil which is extracted from other countries. ” and explained that “the estimates issued by the agency U.S. Energy Information Administration show the difference sharply in the average costs of exploitation between Iraq and anywhere in the world {less than $ 5 per barrel of oil}, including the rest of the Middle East. “ended
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