At 116 Billion Barrels, Iraq's Oil Reserves Are World's Third Largest;
Current Two Million Barrels of Production Capacity Could Double in Near Term
LONDON, April 18 /CNW/ - IHS Inc. (NYSE: IHS), a global provider of
critical technical information and consulting services, today announced the
upcoming launch of the Iraq Atlas, the first and only detailed analysis of oil
reserves, production and development opportunities developed since the start
of the Iraq conflict.
The Iraq Atlas, which will be available from IHS on May 9, is a unique
overview of all known prospects and fields in Iraq, and estimates oil reserves
at up to 116 billion barrels, ranking the country number three in the world.
The Iraq Atlas estimates that there could potentially be another 100 billion
barrels of oil in the Western Desert of Iraq.
The Iraq Atlas provides the highest and most accurate level of detail
available to date of reserves field by field. A total of 435 undrilled
prospects and non-commercial discoveries, and 81 producing fields and
commercial discoveries are included. Reservoirs have been re-evaluated using
new information and all field reserves and production numbers have been
reassessed and validated. In particular, the Iraq Atlas reviews:
-- All proven and in-place reserves by reservoir, including cumulative
-- Estimates of remaining recoverable oil and gas reserves by reservoir
by the end 2006
-- Location maps and structure maps for fields and prospects, along with
maps of the new bidding round blocks
-- New discoveries in Iraqi Kurdistan, along with a guide to exploration
in this region
-- The Western Desert of Iraq, which is believed to hold exploration
potential of approximately 100 billion barrels of oil and a large amount of
-- A complete review of the stratigraphy for all discoveries in Iraq,
including test results and stratigraphic columns and cross sections
"The market has not had access to this level of data and analysis on
Iraq's oil reserves and production capabilities for many years," said Ron
Mobed, president and chief operating officer of the energy segment of IHS.
"Clearly, the sourcing of accurate data is invaluable in planning, negotiating
and contracting for the rebuilding of Iraq's oil infrastructure. While a few
companies may have selected data based on cooperative agreements, most are
basing investigations of geological, cost and risk considerations on older and
less detailed data. With the Iraq Atlas, investors are now able to assess both
exploration and field partnership opportunities in the region, and IHS is well
placed to advise them on such opportunities."
"In 2007, the Iraqi government is expected to launch a bid round for 65
exploration blocks and 78 fields are also to be offered for development,"
Mobed added. "The Iraq Atlas will help companies evaluate these blocks and
fields quickly and accurately."
It took more than a year of research to develop the Iraq Atlas using IHS
software and a number of IHS and Iraqi geological and petroleum engineers with
an average of more than 30 years of regional expertise in the Iraq exploration
and production sector. The Iraq Atlas provides insight on investment issues
and a host of other features across the geo-political and geological
The Iraq Atlas estimate of up to another potential 100 billion barrels of
oil reserves is largely based on the establishment of new play concepts in the
Western Desert of Iraq, which have been generated from a recent study of the
Western Arabian Platform. The Western Desert of Iraq is widely regarded as
being substantially under explored with only one commercial discovery in the
region largely because Iraq has had a surplus of oil to date and little
incentive for exploration.
"Most of Iraq's oil production comes from the south of Iraq and is
exported via the Persian Gulf because of repeated sabotage attacks on
facilities in the north," said Mohamed Zine, IHS regional manager for the
Middle East. "This has resulted in a current production capacity of two
million barrels of oil per day. However, the Iraq Atlas estimates indicate
that given a stable political and civil environment, Iraq has the potential to
produce four million barrels a day in the near term if necessary investments
are made in repairing and modernizing facilities."
Zine added: "The cost to produce oil in some Iraq fields is less than $2
per barrel according to our estimates and investments involved in developing
the fields are minimal."
Prior to Iraq's war with Iran in 1980, the country had a production
capacity of 3.6 million barrels of oil per day. It was 3.2 million barrels per
day before the first Gulf War in 1990 and 2.7 million barrels per day before
the start of the most recent conflict.
About IHS (www.ihs.com)
IHS (NYSE: IHS) is a leading provider of critical technical information,
decision-support tools and related services to customers around the world. Our
data and services are used primarily by the energy, defence, aerospace,
construction, electronics, and automotive industries. IHS translates the value
of our global information, expertise and knowledge to enable customer success
and create customer delight on a daily basis. Ranging from governments and
large multinational corporations to smaller companies and technical
professionals in more than 100 countries, customers rely on our offerings to
facilitate decision making, support key processes and improve productivity.
IHS has been in business for nearly 50 years and employs more than 2,500
people around the world.
For further information:
For further information: IHS Inc. Media Desk, 303-305-8021