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Iraq's oil is a bigger story than shale, says Forbes

By Jim Mackinnon Published: February 3, 2014

The heck with shale energy. The real global energy story is the oil that will be gushing from Iraq in ever-increasing amounts in upcoming years, writes William Pentland at Forbes magazine.

Forbes: "'The emergence of Iraq as an oil power of the nature of Saudi Arabia is the big thing in the future of the oil business,' said Henry Groppe, a seasoned oil and gas analyst from Texas, in an interview on Wednesday with Toronto’s Globe & Mail. 'It dwarfs everything else. It’s the thing that everybody ought to be watching and following as closely as possible'

"Oil exploration efforts in the post Saddam era have suggested that Iraq’s oil resource is much bigger than analysts had previously anticipated.

"International oil companies have already secured contracts that imply an epic increase in Iraq’s oil production capacity by 2020.

“'Reaching output in excess of 9 mb/d by 2020 would equal the highest sustained growth in the history of the global oil industry,' the International Energy Agency concluded in the 2012 Iraq Energy Outlook."

You can read the full story here.

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