Iraq – First Look
The following report provides an assessment of the December 2009 Iraqi oil auction and discusses some of the underlying difficulties in achieving contracted production volumes. It is the first in a series of EPRINC reports on the Iraqi petroleum sector and its implications for the world oil market. A PDF version of the report is posted on our website at: www.eprinc.org/pdf/EPRINC-Iraq-FirstLook.pdf
In December 2009, the government of Iraq held a competitive auction for the rights to develop 60 billion barrels (bbls) of proven crude oil reserves across 10 major fields. The output requirements under the awarded contracts yield a production plateau of 9.6 mm b/d by 2017 in addition to current production. By any standard the Iraqi auction represents a major event in the history of the world oil market – it is the largest single transfer of petroleum reserves into the production stream of the oil market since the beginning of the petroleum era. Iraq’s proven reserves are estimated at 115 billion barrels which ranks the country third in proven reserves behind Saudi Arabia and Iran. However, credible estimates of Iraqi reserves suggest Iraq contains over 200 billion barrels of recoverable reserves and potential resources of over 400 billion barrels.
The production commitments for these reserves among the winning bidders, through a contracting vehicle called technical service contracts (TSC), are only partially transparent. It is known that companies will Read More >>>
The PIRINC Archives
EPRINC has begun digitizing PIRINC’s archive, which dates back to the 1940’s. This report, The European Oil Market – Past, Present, and Future, is the first report to be digitized and can be downloaded as a PDF. As we archive additional reports they will be posted to an archives page on our website.
Presentation Before the Energy Forum
On February 22, 2010 EPRINC made a presentation before the Energy Forum in New York at their event entitled “U.S. Refining Industry - Prospects for the Future.” EPRINC’s presentation, which assesses the impact of the Waxman-Markey cap and trade bill and other environmental and energy policies on the U.S. refining industry, has been posted on our website and can be downloaded here.
The presentation will also be posted at http://www.nyenergyforum.org
The Shale Gas Revolution
On February 2, 2010 EPRINC made a presentation in Tokyo before the Japanese
petroleum community hosted by the Japan Oil, Gas, and Metals Corporation (JOGMEC).
The power point presentation “The Shale Gas Revolution” can be viewed here.
Full Report Examining the U.S. Refining Industry under Waxman-Markey Posted
The full version of EPRINC’s report examining the fate of the U.S. refining industry under the American Clean Energy and Security Act (commonly referred to as Waxman-Markey bill) has been posted on our publications page and can be downloaded directly here.
The executive summary of this report is also on our publications page and can be downloaded directly here.
