For is it not significant – or just a bit relevant – that Kurdistan accounts for 43.7 billion barrels of Iraq’s 143 billion barrels of reserves, as well as 25.5 billion barrels of unproven reserves and three to six trillion cubic metres of gas? Global oil and gas conglomerates have been flocking to Kurdistan – hence the thousands of Westerners living in Irbil, although their presence has gone largely unexplained – and poured in upwards of $10bn in investments. Mobil, Chevron, Exxon and Total are on the ground – and Isis is not going to be allowed to mess with companies like these – in a place where oil operators stand to pick up 20 per cent of all profits. Indeed, recent reports suggest that current Kurdish oil production of 200,000 barrels a day will reach 250,000 next year – providing the boys from the caliphate are kept at bay, of course – which means, according to Reuters, that if Iraqi Kurdistan were a real country and not just a bit of Iraq, it would be among the top 10 oil-rich countries in the world. Which is surely worth defending. But has anyone mentioned this?
Posted on: Sun, 10 Aug 2014 23:25:48 +0000
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