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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: cnyndwllr who wrote (20439)	3/18/2003 8:33:32 AM
From: Sharp_End_Of_Drill	Read Replies (2) of 206094

Cnyndwllr, Yergin's article is indeed full of assumptions and a bit of inuendo. Calling a doubled production 5.5 mmbopd Iraq 'second tier' is very misleading. They would be in the top five at that level. Also, $20 billion to get that kind of production increase is quite low compared to what it would cost anywhere else, other than Saudi Arabia. As a comparison major projects now might spend $4 - 5 billion to get 300,000 to 400,000 bopd - about double the cost per bbl. But, those prospects are rare. Ten years to get there might also be a stretch, if the new Iraq goes into full blown production increase mode - with development money from the world's majors - it could probably do it within say six years. I've got a great deal of respect for Yergin, but this article seems a bit politically tainted for my taste - but hey, oil is as political as it gets, isn't it? Sharp

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