Iraq resumes exploration of oil reserves after 20-yr break

[DogPoundPup]

Source: Gulf Times

BAGHDAD: Iraq said on Friday it was resuming exploration of its immense oil reserves after a break of nearly 20 years due to crippling UN sanctions, saying it hopes to double its proven deposits of crude.
“Today the Iraqi oil ministry celebrates a return to work by Iraqi oil exploration teams after 20 years of interruption,” ministry spokesman Assim Jihad told AFP.
Oil Minister Hussein Hussein al-Shahristani attended a ceremony to mark the event at the Al-Garraf field near Nasiriyah, 350km (220 miles) south of Baghdad.
Jihad said the ministry would deploy three exploration teams trained abroad in the latest techniques.
Opec member Iraq hopes the exploration squads will uncover deposits that will enable it to double its proven oil reserves, currently standing at 115bn barrels of crude.
“The ministry has begun to build new refineries in the country, in the provinces of Dhiqar, Kirkuk, Karbala and Misan while renovating other refineries in Baghdad, Basra and Diwaniyah,” said Shahristani.
In the province of Dhiqar alone the oil ministry hopes to draw on reserves estimated at 4bn barrels of crude.
With the dollar strengthening on Friday, crude prices in London slumped below $116 a barrel amid concerns about slower energy demand and as Iraq resumed exploration. Brent North Sea crude for September delivery shed $2 to $115.86 per barrel in electronic deals.

Read more: http://www.gulf-times.com/site/topics/article.asp?cu_no...

---

[bbinacan]

1. Good news n/t

[maddezmom]

2. duplicate topic

http://www.democraticunderground.com/discuss/duboard.ph...