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...reserves total at least 115 billion barrels - the third largest in the world. When fully developed, Iraq's oil industry could significantly boost global crude supplies and even bring down oil prices. Tapping Iraq's oil is an industry event of historic proportions, says Alex Munton, a Middle East analyst at global energy consultancy Wood Mackenzie. "There are very few examples in history you can point to and say, 'A similar thing happened there,' because there really have not been any," he says. After a flurry of initial oil field - development deals were completed in November, Munton said, "Iraq...
...barrel - nearly double the government offer - because of the risks involved. Operating in Iraq means investing billions in an unstable country where foreign oil workers are routinely kidnapped and insurgents have blown hundreds of holes in pipelines. Rochdi Younsi, until last month the director of Middle East and Africa for the Eurasia Group in Washington, told TIME that the auction was "a fiasco and embarrassment," saying that the government "thought oil companies would do absolutely anything to get into Iraq...
...wells in southern Iraq are functioning. Oil Minister Hussein Shahrastani estimates it will cost about $50 billion to upgrade infrastructure needed to produce Iraq's target of 6 million barrels a day by 2017. "Iraq's oil industry is in a dire state," says Samuel Ciszuk, Middle East energy analyst for the consultancy firm IHS Global Insight in London. "Decades of war, brain drain, political instability and underinvestment have all depleted what was there." When foreign oil companies finally start working Iraq's fields, they will face a critical shortage of local engineers, geologists, managers and almost everyone else they...
With UConn star Jerome Dyson stalling out and co-captain Jeremy Lin returning to the court, Harvard looked poised to make a dramatic victory run, but the Big East powerhouse held on to deny Amaker’s squad a third major upset in as many years...
...He’s one of the better kids, including Big East guards, who have come in here in quite some time,” UConn coach Jim Calhoun said...