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To: CommanderCricket who wrote (157529)	10/20/2011 2:46:43 PM
From: Dennis Roth	2 Recommendations Respond to of 206184

Iraq oil output set to hit 3 million b/d by end-October Oilgram News (19-Oct-11) plattsenergyweektv.com Istanbul-Iraq's oil output, now running at some 2.9 million b/d, is at its highest level since the 2003 ouster of former strongman Saddam Hussein and is set to hit a new monthly record in October, a top adviser to the Iraqi prime minister said October 18. "Iraq could reach 3 million b/d by the end of October," Thamir Ghadhban, the chairman of the Advisory Commission to the Iraqi Prime Minister, told the CWC Iraq Mega-Projects conference in Istanbul. Iraq's output averaged more than 2.9 million b/d in September, "a first since the fall of the previous regime," said Ghadhban, who has twice served as head of the country's oil sector since 2003. Ghadhban added Iraq would produce a further 500,000 b/d of new oil in 2012. Iraq has signed 11 technical services contracts for oilfield development with international oil companies, including most of the world's largest. The contracts were awarded in two bid rounds in 2009 with the aim of boosting oil production, both short- and long-term. On paper at least, Iraq has a target of reaching 13.5 million b/d of production capacity in seven years. But analysts are skeptical the goal is attainable given the poor state of Iraq's energy infrastructure, its dicey security situation and many other potential hurdles. Nonetheless, the Rumaila oil field, Iraq's largest, is pumping crude at a record rate of 1.3 million b/d, a BP official told Platts earlier in October. Output from Rumaila is projected to hit 2.85 million b/d in six years under a contract the oil ministry signed with BP and China's CNPC. Ghadhban also said the operators of the Rumaila, West Qurna 1 and Zubair oil fields would drill 300 new wells in a three-year rehabilitation period from 2010 to 2013. The operators are to drill 650 new wells in West Qurna 1 alone over the projected 20-year development project. West Qurna 1 is being developed by a consortium led by ExxonMobil, with Shell as the junior partner. Zubair's development is led by Italy's Eni in partnership with South Korea's Kogas and US producer Occidental Petroleum. Ben Lando

To: CommanderCricket who wrote (157529)	11/9/2011 8:23:39 AM
From: Dennis Roth	4 Recommendations Read Replies (2) \| Respond to of 206184

Exploration & Production Iraqi Kurdistan: Land Of Opportunity? 4 November 2011 ¦ 48 pages ir.citi.com Underexplored province with multi-billion barrel potential — According to the US Geological Society, Kurdistan could hold over 50 billion bbls of oil and gas, which is comparable to the current reserves of Libya. Largely unexplored prior to 2004, recent drilling has resulted in the discovery of c.5bn bbls of oil. Despite significant political uncertainties, we expect exploration and appraisal drilling to accelerate into 2012. We estimate that 25+ E&A wells will be drilled over the next 15 months. Afren, DNO and Heritage offer exposure to Kurdistan from our E&P coverage list.