Iraq may triple oil output by 2012

[Barrett808]

Once foreign energy companies return to Iraq after it is safe for their workers, the country should be able to triple its crude oil production to 6 million barrels per day, Iraq’s former oil minister said on Friday.

Iraq’s current oil output is about 1.8 million bpd, down sharply from a sustained 2.5 million bpd just before the US-led war began in spring 2003. Issam Chalabi, who served as Iraq’s oil minister from 1987 to 1990, said Iraq’s oil output should reach 6 million bpd by 2012, but only with the help of foreign investment after the country becomes more secure.

Iraq is trying to boost production and bring in the needed billions in oil revenue to help rebuild the country, but insurgents keeping blowing up pipelines and other oil facilities.

“I think the top priority is security,” Chalabi said in a briefing on Iraq’s oil sector at the Middle East Institute.

The violence has scared big oil companies, like Exxon Mobil, from doing significant business in Iraq.

“I think foreign firms have put the Iraqi file on the shelf for today,” Chalabi said.

Chalabi said he favoured privatizing Iraq’s downstream oil sector, which includes refining facilities, but the country’s upstream oil production and exploration should be under state control for at least 10 more years. “Don’t touch the upstream now,” he said. —Reuters

http://www.dawn.com/2005/05/01/ebr16.htm

[BrklynLiberal]

1. I did not think that Iraq owned any of its oil anymore. I was under the

impression that Bush and his cronies had made sure that all the profits of any Iraqi oil was going to their big oil company friends.
Rebuilding Iraq was certainly not one of Bush's top priorities. Profits for his buddies was at the top of his list. They were slicing up Iraqi oil fields before W even took his oath of office.

[hedda_foil]

10. Nobody wants to buy the rights at this point.

the oil companies dont want to invest in infrastructure while the pipelines are being blown up every other day.

[Zynx]

12. It's also not clear who could actually sell the oil rights

This is still just another transitional government - its quite likely whatever replaces them could and would rip up any deal they didn't like.

[rzemanfl]

2. And in other news, some fool actually gives a shit about anything

in Iraq besides their oil. Frist diagnoses mental illness and seeks involuntary committment.

[NNN0LHI]

3. NNN0LHI may have monkeys flying out his ass by 2012 too

But I wouldn't bet on that one either.

Don

[TheWraith]

16. Hmm.

(Looks back at #15)

I guess sarcastic minds think alike.

[Richard Steele]

17. I bet your ass could TRIPLE its monkey production by then....

...if even half of BushCorp's Iraq predictions come true.

[bemildred]

27. Beat me to it.

This is even better than the "troops might leave sometime" bullshit.

[NV Whino]

4. LOL

:rofl:

Yeah, I really want to see them pump what's not there.

[MadisonProgressive]

5. Once energy companies return to Iraq after it is safe for their workers...

That's ONE BIG IF!!

[mhr]

6. 1.8 mpd To 6.0 mpd In 7 Years - Fat Chance

eom

[4dsc]

9. with only 47 Billion barrels of reserves

that would pump that country dry in no time..

Remember in the 1980's, Iraq DOUBLED their reserves with no proof more oil.

I see this as more propanda for the sheeple..

[ClarkUSA]

7. More Bushshit propaganda. Did Paul Wolfowitz write this?

[malmapus]

8. Lessie 0 x 3 = 0....yup yup the math works =D

..

[Barrett808]

30. Thrice nothing is still nothing. n/t

[Alpharetta]

11. I'd love to make book on when Iraq exports pre-shockn'awe levels

I'd love to walk up to average FoxNews viewers and give them odds on when Iraq will match their output prior to shock and awe.

[alfredo]

13. Their oil, just like ANWR's oil will

go to China, not the US.

[norml]

14. These figures don't match the figures I have on oil production.

I'd like to see the original Reuters article, to know where they came from.

[TheWraith]

15. Yes.

And winged monkeys could come flying out of my ass.

[LynnTheDem]

18. "Chalabi said he favoured privatizing Iraq’s downstream oil sector"

BINGO.

[daleo]

19. Chalabi = curveball = lies.

I think Chalabi will be lucky if he is still alive by 2012.

[Jacobin]

20. Chalabi also said Saddam had WMDs

Chalabi is a lying whore.

[Athame]

29. not the same Chalabi

"Issam Chalabi, who served as Iraq’s oil minister from 1987 to 1990, said Iraq’s oil output should reach 6 million bpd by 2012, but only with the help of foreign investment after the country becomes more secure."

Not that it makes a difference about the lies.

[Dr Fate]

21. Who cares? Bush/media says "It's not about the oil."

So who cares.

[DrZeeLit]

22. Wait just a dang minute! You mean there's OIL in Iraq? Noooo way!

Duh. And Chalabi just stepped in it.
How conveeeeeenient.

[0rganism]

23. And I *may* be Long John Silver

Awfully confident, aren't they?

[hector459]

24. Since very little is being output now what will that mean?

Anyway, it all ends in 2012.

[tabasco]

25. The sooner that oil is gone ...

the sooner our troops can come home.

[Straight Shooter]

26. Nope, nope, nope. Gotta spread that democracy to Syria, Iran, etc.

Troops come home? Not as long as the BFEE is in charge, no-how, no-way. :cry:

[Demeter]

28. Then Again, It May Not

It's the difference in opinion that makes horse races.

[GregW]

31. GregW may be a Chinese jet pilot

:eyes:

[The_Casual_Observer]

32. Then again, maybe they won't!

[struggle4progress]

33. O, won't that be wonderful for the multimillionaire Hummer owners ...

... who can afford to drive their armor-plated vehicles past the peons who can no longer afford gasoline?