PowerSwitch

It sounds reasonable to me - Iraq does seem to have the geological potential to be a far larger producer. There is very real concern that existing fields have been irreparably damaged during the period of sanctions though. The correct equipment wasn't available so water floods weren?t managed right (wrong pressures, dirty water used etc).

If the security problems were solved and the western majors were able to invest tens of billions of dollars and the infrastructure was logistically available then sure, there's a few million barrels per day of new oil there.

So if all the conditions were right and they achieved a few exta mbpd than we might get a couple of years respite from the inevitable decline at best. It would be good but doesn't change the global picture really - not that anybody was saying that it would.....

Yeah - it doesn't change the global picture, but potentially Iraq could be pumping some 6mbpd (for Western oil majors) in a time when globally we are past peak. That was some 'prize' to shoot for a few years back.

Iraq invasion a direct result of UK and US awareness of peak oil and the realisation than UK and US oil companies had been locked out of Iraq where everyone else?s oil companies had done deals? Likely in my opinion.

Chris - a certainty in my opinion.

I wonder what damage was done to the fields during the years of extraction without proper investment? I don't see how Iraq will increase production. The country is pretty much at civil war.
Iran next!

BBC wrote:Iraq is sitting on potential reserves of 100 billion barrels, nearly twice as much as currently estimated, according to a study by energy analysts IHS.

Hang on a sec...is that an admission that the inflated reserve numbers Iraq, and by extension the rest of OPEC have been posting since the mid 80s, are in fact bogus? Because if until recently they thought Iraq had less than 50 billion barrels, what's the figure of 115 billion barrels claimed in 2005 doing in BP's statistical review unchallenged? I know BP claimed not so long ago that they expressed no opinion as to the public data's veracity, but even so...

To me this sounds like a rouse to attract investment.