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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Aggie who wrote (102067)	6/4/2008 8:12:59 PM
From: elmatador	Read Replies (1) \| Respond to of 206110

They have said that the rules were made when the oil risk of find oil was hard. Now the risk is low. Thus they want to change the rules. They also said that there was no country that had made any major discovery that had not chanaged the rules. If the area is contigous they don't want to share the rest with other companies. Not that Brazil is Saddam's Iraq but: PBR found Majnoon once they discover how big it was kicked PBR butt. >>Majnoon was found in 1975 by Braspetro of Brazil (Petrobras) in a shallow formation. Braspetro had a SC for this area including Nahr Umr. It was in a premium position because Petrobras was the first foreign firm to take Iraqi oil in June 1972 and thus break a blockade against Iraq called by BP after the nationalisation of IPC. Later it was found that Majnoon was part of the "Great Rumaila Triangle". It was first estimated to have 7 bn barrels with the oil's quality varying from heavy to medium according to several pay zones. Heavier oil in deeper zones were in 1990 put at 23-25 bn barrels. Located in the Hawizah marshes, mostly under man-made islands close to Iran's border north of Basra, Majnoon extends 60 km inland. Its development was held up in the 1980s by a flooding of the area to prevent an Iranian invasion. Most of it was occupied by Iran for some time. On the Iranian side, NIOC has discovered an extension of Majnoon with a huge oil reserve.<< The whole Iran Iraq War had not to do with religion. It was a fight to get the WHOLE Majnoon fiel.