Oil production in Iraq could double to 4 million barrels a day if the violence ended and facilities modernized, according to a Colorado energy consulting company.
The study, which claims to be the first detailed overview of Iraq’s oil reserves and production potential since the war began, used experts in Iraq to develop its field-by-field analysis.
IHS found that Iraq has oil reserves of up to 116 billion barrels, validating previous estimates. It also found there could be up to 100 billion barrels more in the country’s western region, which is the epicenter of the country’s Sunni Arab dominated insurgency. But HIS acknowledged it was not a firm figure. “There’s going to be a big error bar on this,” said Ron Mobed, president of IHS Energy.
So actually no one really knows….