November 16, 2013
Said the report of Standard Chartered Bank in the United Kingdom that “Iraqi oil revenues will reach $ 5 trillion between 2013 and 2035.”
The bank said in its report that “Iraq is preparing to increase production faster than any other country and has the potential to become the largest exporter of crude oil in the world.”
He added, “Although the focus of the recent Iraqi newspapers to exacerbate sectarian strife in the country, it stands on the threshold of re-confirm its position as a major hub in the world for oil production and export.”
He pointed out that “Iraq has oil reserves are enormous and geologically very favorable makes crude oil cheaper in terms of the cost of exploitation in the world,” noting that “the estimates of the International Energy Agency indicate that the investment required to create a new infrastructure for energy supply up to more than $ 530 billion” .
He added that “Iraq if he wants to become the world’s first oil production, he will have to overcome political instability, and foremost, stop attacks on oil infrastructure.”
He said the “de facto imposition of modern expectations regarding Iraq’s production of crude oil by about 6 million barrels per day by the year 2017, nearly half of the 12 million barrels per day that were previously anticipated.”
The report went on, “while Iraq faces challenges and setbacks, the new fields coming from that will help to increase production, which offset the shortage latter, and one of the features of the oil fields in Iraq, which distinguishes them from the rest of the oil fields in the world is geology, which makes drilling less complicated and expensive than it is in countries such as the United States, Canada, Brazil, and moreover, Iraqi crude requires less refining of oil, which is extracted from other countries. “
“The estimates released by the agency the U.S. Energy Information Administration show a sharp difference in average costs between Iraq and the exploitation anywhere in the world less than $ 5 per barrel of oil, including the rest of the Middle East”, according to the report.