Iraq Needs 75 Billion Dollars To Develop Oil Industry

ENERGY TECH

Iraq has the world's largest proven oil reserves after Saudi Arabia - 112 billion barrels.

by Staff Writers
Beirut (RIA Novosti) Jun 29, 2007
Iraq will need $75 billion to develop its oil sector, three times more than was originally thought, a government expert said Thursday. Iraq intends to boost oil production to 6 million barrels per day, but is currently producing only 2 million barrels per day due to ongoing terrorist attacks.

Tamer Gazban, former oil minister and now energy adviser to the Iraqi government, said that if the number of attacks against oil infrastructure installations declines, production could rise to 2.8 million barrels per day by the end of 2007.

The years of wars, economic blockades and violence that swept Iraq since the U.S. invasion in March 2003 have brought the country's oil industry to a virtual standstill. Despite government efforts, it has not yet reached its prewar level of 2.2 million barrels per day.

Iraq has the world's largest proven oil reserves after Saudi Arabia - 112 billion barrels.

Source: RIA Novosti

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ENERGY TECH

US Finds Venezuela CITGO Oil Company Guilty Of Pollution

Washington (AFP) June 27, 2007
Venezuela's CITGO Petroleum Corp. -- which provided cheap heating oil for thousands of Americans the last two winters -- was found guilty of environmental crimes by a federal jury in Texas, the US Justice Department said Wednesday. The state-owned company's Corpus Christi East Plant Refinery was in violation of the Clean Air Act "for nearly 10 years ... when it failed to install and operate proper emissions control equipment" on two open-top tanks, the department said in a statement.

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