Iraq Discovery of 1 BILLION Barrels of Oil

Here's a pretty interesting development in Iraq. It was brought to Recaps by Bulldog. (I'll refrain from any editorial comment. )

Iraq Just Discovered Another Billion Barrels Of Oil
Agence France Presse | Jan. 21, 2013, 8:05 AM


Iraq said on Sunday it has discovered deposits of crude equivalent to one billion barrels of oil after the first exploration work by state-owned firms in almost 30 years.

The deposits were found after exploration in Maysan province, in southern Iraq near the border with Iran, and could potentially make a significant addition to Baghdad's already substantial reserves.

"Exploration began in Maysan, south of (provincial capital) Amara" last year, oil ministry spokesman Assem Jihad told AFP.

"Today, it completed 100 percent and achieved a big success.


"The initial assessment from this discovery is about one billion barrels of oil," he said, adding: "It will increase production capacity for (state-owned) Maysan Oil Company."

Jihad said the state-owned oil exploration firm had been carrying out its first exploration work within Iraq in nearly three decades.

Iraq, which is highly dependent on oil sales for government revenue, has sought in recent years to dramatically ramp up production and exploration in order to help rebuild its conflict-battered economy and infrastructure.

The country has proven reserves of 143.1 billion barrels of oil and 3.2 trillion cubic metres (111.9 trillion cubic feet) of gas, both of which are among the largest in the world.

Copyright (2013) AFP. All rights reserved.

Holy Cow!

If they have all that, then they can RV this!! Ain't that right?

Yeah, we are going to get our RV in B.P. cards.

terbo56 wrote:If they have all that, then they can RV this!! Ain't that right?

I AGREE!

COME RV!!!

Now - if that doesn't prove they can pay all thier bills I don't know what does. As much as I would hate to see prices rise I wish Iraq would say:

WE AINT PUMPIN 1 MORE DROP UNTIL YOU TAKE US OUT OF CH VII

May the UN would move fast.

After I heard this news I was happier than ever to be in this investment.

Yep, and they all could drink that in about two years, just run it through a couple of socks like the 'hobos' and the 'canned heaters' did on the side of the railroad tracks, and they'd all be 'dead stiff' in no time!