Expert: The World’s Last Oil Barrel May Well Come from Kurdi
Posted: Thu Jul 25, 2013 4:52 pmERBIL, Kurdistan Region – Even after setting aside 10 billion barrels for future generations and increasing production fivefold from current volumes, Iraq’s fiercely autonomous Kurdistan Region has enough oil to last more than 120 years, according to a local expert.
Iraq’s Kurds, whose self-rule over three northern Iraqi provinces includes a regional government, a parliament, an army, a constitution and large control over oil production say they are confident that by the end of this year output will more than double from the current 200,000 barrels per day (bpd) to 500,000.
“At this rate, the oil reserves of the Kurdistan Region will last for 246 years; that’s in addition to 10 billion barrels that we should leave (untouched) for future generations,” says Erbil-based economist Dr Rebwar Khinsi.
He adds that even after the Kurdistan Region reaches its ambitious output target of one million barrels a day by 2015. the enclave – which is more like a country and at odds with Baghdad over oil, security and several other key issues -- still has enough oil to last 124 years.
If his calculations are correct, it explains why oil giants like ExxonMobil, Chevron, Total and Gazprom are among two dozen foreign firms engaged in oil deals or projects in Kurdistan, in defiance of threats from Baghdad warning against direct production and export contracts with Erbil.
Ashti Hawrami, minister of natural resources in the Kurdistan Regional Government (KRG), says that the enclave’s oil reserves are extremely important, because they add to the planet’s overall total.
“The oil reserves of the Kurdistan Region have not been added to the world reserve records yet,” he explains. “The world only talks about the oil reserves of Iraq, and the Iraqi federal government does not recognize the oil data of the KRG,” he says.
The KRG has pursued a largely independent oil policy, which has angered Baghdad. The Kurds have been in serious negotiations with Ankara for oil exports, which would feed Turkey’s own growing energy appetite and transform it into a major energy hub connecting the Middle East to Europe.
But Baghdad fears that by gaining greater economic independence the Kurds are moving toward eventually declaring independence – something that Washington has discouraged and which would have enormous regional consequences because of the large and restive Kurdish populations of Syria, Turkey and Iran.
Given the KRG’s vast and largely untapped oil reserves, international experts believe that the world’s last barrel of oil may well be extracted from the Kurdistan Region.
Comments
5 0 Simko | 11 hours ago
All the rights of the Kurdish nation are being denied and actively opposed in the first place by U.S and the West fellowed by the rest of the world.These vast oil reserves ,I agree,should help to assert our rights,but we should not take it for granted.Let us be vigilants and not trust those once have betrayed us and are not willing to change their politics of criminal behavour.Let us remember how in the late sixties oil turned to be a genocidal game for Biafra.I am sorry to mention this fact .Our leaders have to buy arms,even armies,in exchange for oil contracts.
Report
1 5 Rebaz Tahir Benjamin | 9 hours ago
Simko, soon you'll have all the pro Israeli/US fools on your back, thinking only Muslims and non Westerners can do bad things. They think the US Empire and her allies are all a bunch of angels spreading freedom and democracy. How can you seriously spread freedom and democracy by killing millions of civilians with bombs and bullets? And Kurds should NEVER trust anyone, especially large powers like USA, RUssia, EU etc. Simko, I agree with you, make the army strong as possible. Only danger with that is if a Kurdish tyrant manages to get control of it. And let's remember, power corrupts, even an honest leader at start can become corrupt and dictatorial in time.
Report
1 2 Rebaz Tahir Benjamin | 9 hours ago
Simko, soon you'll have all the pro Israeli/US fools on your back, thinking only Muslims and non Westerners can do bad things. They think the US Empire and her allies are all a bunch of angels spreading freedom and democracy. How can you seriously spread freedom and democracy by killing millions of civilians with bombs and bullets? And Kurds should NEVER trust anyone, especially large powers like USA, RUssia, EU etc. Simko, I agree with you, make the army strong as possible. Only danger with that is if a Kurdish tyrant manages to get control of it. And let's remember, power corrupts, even an honest leader at start can become corrupt and dictatorial in time.
Iraq’s Kurds, whose self-rule over three northern Iraqi provinces includes a regional government, a parliament, an army, a constitution and large control over oil production say they are confident that by the end of this year output will more than double from the current 200,000 barrels per day (bpd) to 500,000.
“At this rate, the oil reserves of the Kurdistan Region will last for 246 years; that’s in addition to 10 billion barrels that we should leave (untouched) for future generations,” says Erbil-based economist Dr Rebwar Khinsi.
He adds that even after the Kurdistan Region reaches its ambitious output target of one million barrels a day by 2015. the enclave – which is more like a country and at odds with Baghdad over oil, security and several other key issues -- still has enough oil to last 124 years.
If his calculations are correct, it explains why oil giants like ExxonMobil, Chevron, Total and Gazprom are among two dozen foreign firms engaged in oil deals or projects in Kurdistan, in defiance of threats from Baghdad warning against direct production and export contracts with Erbil.
Ashti Hawrami, minister of natural resources in the Kurdistan Regional Government (KRG), says that the enclave’s oil reserves are extremely important, because they add to the planet’s overall total.
“The oil reserves of the Kurdistan Region have not been added to the world reserve records yet,” he explains. “The world only talks about the oil reserves of Iraq, and the Iraqi federal government does not recognize the oil data of the KRG,” he says.
The KRG has pursued a largely independent oil policy, which has angered Baghdad. The Kurds have been in serious negotiations with Ankara for oil exports, which would feed Turkey’s own growing energy appetite and transform it into a major energy hub connecting the Middle East to Europe.
But Baghdad fears that by gaining greater economic independence the Kurds are moving toward eventually declaring independence – something that Washington has discouraged and which would have enormous regional consequences because of the large and restive Kurdish populations of Syria, Turkey and Iran.
Given the KRG’s vast and largely untapped oil reserves, international experts believe that the world’s last barrel of oil may well be extracted from the Kurdistan Region.
Comments
5 0 Simko | 11 hours ago
All the rights of the Kurdish nation are being denied and actively opposed in the first place by U.S and the West fellowed by the rest of the world.These vast oil reserves ,I agree,should help to assert our rights,but we should not take it for granted.Let us be vigilants and not trust those once have betrayed us and are not willing to change their politics of criminal behavour.Let us remember how in the late sixties oil turned to be a genocidal game for Biafra.I am sorry to mention this fact .Our leaders have to buy arms,even armies,in exchange for oil contracts.
Report
1 5 Rebaz Tahir Benjamin | 9 hours ago
Simko, soon you'll have all the pro Israeli/US fools on your back, thinking only Muslims and non Westerners can do bad things. They think the US Empire and her allies are all a bunch of angels spreading freedom and democracy. How can you seriously spread freedom and democracy by killing millions of civilians with bombs and bullets? And Kurds should NEVER trust anyone, especially large powers like USA, RUssia, EU etc. Simko, I agree with you, make the army strong as possible. Only danger with that is if a Kurdish tyrant manages to get control of it. And let's remember, power corrupts, even an honest leader at start can become corrupt and dictatorial in time.
Report
1 2 Rebaz Tahir Benjamin | 9 hours ago
Simko, soon you'll have all the pro Israeli/US fools on your back, thinking only Muslims and non Westerners can do bad things. They think the US Empire and her allies are all a bunch of angels spreading freedom and democracy. How can you seriously spread freedom and democracy by killing millions of civilians with bombs and bullets? And Kurds should NEVER trust anyone, especially large powers like USA, RUssia, EU etc. Simko, I agree with you, make the army strong as possible. Only danger with that is if a Kurdish tyrant manages to get control of it. And let's remember, power corrupts, even an honest leader at start can become corrupt and dictatorial in time.
everyday house hold items, factories etc needs oil