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Iraqi oil minister Shahristani 'happy to
step down'
18.3.2010
By Tamsin Carlisle
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March 18, 2010
VIENNA, —
Iraq’s oil sector is changing, and so could the
identity of the man in charge.
Asked if he hoped to keep his post as the minister
of oil in the next Iraqi government, Dr Hussain al
Shahristani said he would be happy to step aside.
“I wouldn’t try to stay unless I was forced to stay.
It wouldn’t be my wish,” Dr al Shahristani said
before yesterday’s OPEC meeting.
Another imminent change will be Iraq’s tally of its
oil reserves, which for years have been estimated as
the world’s third largest, at about 115 billion
barrels.
The estimate of proved reserves “is going to go
higher”, Dr al Shahristani said. “We’re revising it
now.”
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Iraqi oil minister Hussain al Shahristani |
In the past two years,
foreign oil companies drilling in Iraqi Kurdistan
have reported at least three world-class
discoveries.
Canada’s Heritage Oil has struck an oil deposit that
may contain as much as 3 billion barrels of
recoverable crude.
Gulf Keystone, a Bermuda-registered company,
estimates it has found at least another 1.5 billion
barrels.
The Hungarian oil group MOL last week reported a
significant oil find that analysts said might
contain 1 billion barrels of crude.
In addition, a number of the world’s biggest oil
companies have recently pored over data on Iraq’s
main oil reservoirs as they prepared to bid for
long-term service contracts to raise production.
Dr al Shahristani said Iraq was producing 2.5
million barrels per day (bpd) of oil and exporting
more than 2 million bpd, making it the third largest
OPEC oil exporter after Saudi Arabia and Iran.
In the next few months, Iraq could boost exports by
as much as 100,000 bpd by restarting Kurdish crude
exports that were halted last September in a
long-running dispute over oil jurisdiction between
the semi-autonomous regional government and Baghdad.
“We expect to resume exports from the Tawke field
[in Kurdistan] shortly, within a month,” Dr al
Shahristani said.
“The issue of exporting oil from those fields is a
completely separate issue from the contracts that
were signed.”
Within seven years, Iraq would increase its
production capacity, although not necessarily its
output, to 11 million bpd, the oil minister
predicted. That could mean export capacity of up to
10 million bpd,www.ekurd.netrivalling
that of the world’s top oil exporters, Russia and
Saudi Arabia.
Iraq would not consider rejoining OPEC’s quota
system until its output capacity had risen to 4
million bpd, possibly as soon as two years from now,
Dr al Shahristani said.
Iraq is the only OPEC member without a production
quota. It was granted an exemption to refurbish an
oil sector ravaged by decades of war and
mismanagement.
“Iraq is a founder member [of OPEC]. They have a
right to develop their reserves,” said Abdulla el
Badri, the OPEC secretary general.
“At the end of the day, we will accommodate Iraq for
the sake of the Iraqi people. I am sure this will
not be a problem for OPEC.”
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