Did Iraq Lie About Oil Reserves?

He said that Iraq has been without a government for seven months now. The outgoing government maybe would like to present the public with achievements.

Mr Chalabi also cast doubt on an upward revision to Iran's oil reserves estimates announced on Monday. He said the Iranian reserves revision which would take Iranian reserves back to third place above Iraq was also unreliable.

Mr Massoud Mirkazemi oil minister of Iran said that Iran had 150.31 billion barrels of oil reserves up from a previous estimate of 138 billion barrels and added that figure would be revised even higher soon.

Mr Chalabi said again that's not credible and again that was not substantiated by proper evidence. Analysts have expressed scepticism over the change in the two countries' estimates, which come ahead of a meeting of the Organization of the Petroleum Exporting Countries.

He said that some have suggested the rivals are in a bidding war over their oil reserves, which are usually a consideration in discussions over output targets set by the oil producer cartel. Everybody knows that oil in place in Iraq is abundant. But they need to justify that with more solid evidence without making such announcements.

Turning to natural gas, Mr Chalabi said that a lack of interest in Iraq's upcoming gas field auctions could force Baghdad to look for other ways to develop the country's huge gas reserves.

Thirteen companies have qualified to bid in the October 20 auctions to develop the Akkas and Mansuriyah fields unsuccessfully put up for auction in 2009 and the smaller Siba field.

(Source: Reuters)

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