Monday, June 22, 2009

Iraq Kick Starts Nassiriyah

In a bid to ramp up oil production, Iraq has fire up the giant oil field, Nassiriyah, for the first time...

Nassiriyah, which accounts for some 4.3 billion barrels, was discovered in 1975 and remained undeveloped for more than three decades due to war, lack of cash and economic sanctions. The field, whose production capacity could reach 300,000 barrels a day if it is properly developed, is currently subject to direct negotiations between the Iraqi oil ministry and three oil companies: Italy's Eni SpA (E), Japan's Nippon Oil Corp. (5001.TO) and Spain's Repsol YPF SA (REP).

Nassiriyah's new production is part of a "crush plan" proposed by the Iraqi
Oil Ministry earlier this year to increase production from southern oil fields by 350,000 to 500,000 barrels a day in two years.

Brewskie point: though Ghawar Guzzler is not a political blog, it still begs to question what could have been had president dingle-berry chosen against a trillion dollar crusade. The money would have been better flushed down into the world's largest toilet expo...

- Brewskie

1 comment:

  1. Hey, go political, it is free country. I am a free-marketeer, and I always thought it was folly to spend $1 trillion in Iraq. My problem is that I am really, really a free-marketeer, and that alienates Repbs and Dems. B Cole