Thread: Huge new oil eserves in northern Iraq

I live in Tokyo and yesterday in the Daily Yomiuri,one of the English newspapers ,there was an article about a huge new oil field of major importance discovered on the border of northern Iraq.
I am never sure how current the news here is but has this been cited elsewhere.
I presume this is very good news.Has this been dicussed already on the forum?

welcome to the forum Zuben.....if anyone would know anything about huge oil field it would be Mike{offshorewealth}or Adam{adster} or Rad our moderator....sorry i could'mt b of more help.....Pat

Hi Zuben, Again welcome! bigopie is quite right. They are our mentors. I have not been here very long, but what fun I have had and what knowledge you get. If there is anything I can do please pm me.

Originally Posted by zuben

I live in Tokyo and yesterday in the Daily Yomiuri,one of the English newspapers ,there was an article about a huge new oil field of major importance discovered on the border of northern Iraq.
I am never sure how current the news here is but has this been cited elsewhere.
I presume this is very good news.Has this been dicussed already on the forum?

Welcome to forum,

Yes, this has been a well kept secret up until recently, and for good reason. These reserves were discovered in 2001, but it was kept secret from Saddam to keep in out of the north. The Kurds had always operated on a different economic plateau than in Baghdad, and they did not want Saddam to rape the north as he was in the south, so these reseves were kept secret and only a few well connected in the region knew anything about this.

Ever since the governement had been put in place, the word is getting out, and there are several international companies just lining up to tap into this new reserve, which has been estimated to double Iraq's oil reserves, so this is a serious find. When Iraqi people finally wake up and starts to understand each could share in this wealth, the terrorists will have no where to hide. There is enough oil in Iraq to allocate $20K to each family forever, similar to what was done in Alaska decades, and it works. Time will tell, but once international companies are allowed to invest directly in Iraq, this will bring in hundred of billions alone, so this will be interesting to follow.

Good luck to all, Mike

Is that a one time 20k bonus?

Would be nice but i dont think every average iraqi is going to get 20k from the government.

To be brutally honest.

It would be great if governments gave out money like that (lol id be minted! (more))

loops i guess you are suprised every morning that the sun actually rose.

if you were an asterix character, youd be the one walking around with the shield over his head afraid of the falling sky!

when are you gonna get it thru your head that the Dinar is undervalued, and thats why we all are holding it.

if you dont want yours, send em to me. ill have em!