IHS Releases Iraq Data
IHS Releases Iraq Data
April 19, 2007: Strap
IHS has mapped the Iraq conflict to produce the Iraq Atlas, detailing information on Iraq’s oil reserves and production potential.
The research and consultancy organisation provides technical information data around the globe, primarily servicing defence, constructions, aerospace and automotive industries. Based on their findings in Iraq the service has created what it calls, the Iraq Atlas made up of centralised information providing an overview of all known prospects and oil fields in the Iraqi region.
Overall, IHS estimates Iraqi reserves still hold up to 116 billion barrels of oil, ranking the region as the third most oil rich country in the world. But in news that could lift the country to the number one spot, the Iraq Atlas estimates the potential for another 100 billion barrels of untapped oil in the Western Desert.
The report goes further into exploring the region by providing more specific data outlining non-commercial discoveries, undrilled prospects, re-evaluated information on reservoirs and a reassessment of production numbers and field reserves.
Rod Mobed, president of the energy segment at IHS, says the market has not had this level of access to Iraq oil information in many years. “Clearly, the sourcing of accurate data is invaluable in planning, negotiating and contracting for the rebuilding of Iraq’s oil infrastructure,” he says.
“While a few companies may have selected data based on cooperative agreements, most are basing investigations of geological, cost and risk considerations on older and less detailed data.”
IHS says it’s now well-placed to advise investors on field partnership opportunities and exploration in the region. It’s information that comes as the Iraqi government is preparing to launch a call for development bid of 78 fields and 65 exploration blocks.