LONDON, Oct 4 (Reuters) - Iraq said on Monday its proven oilreserves have risen by 25 percent to 143 billion barrels as workby international oil companies started to yield results.
It also said it hoped its new reserves figure will help itget a higher OPEC export quota when it comes for theOrganisation of Petroleum Exporting Countries to set one forIraq. For a story click on
Below are comments by analysts, officials and market playerson the announcement.
PAUL HARRIS, NATURAL RESOURCE ANALYST AT BANK OF IRELAND
"I don't think it's possible accurately and confidently tolook at the reserves for many Middle Eastern countries with agreat deal of confidence."
"If one was cynical, one would say the restatement ofreserves was designed to whet the appetite of potentialinvestors.
"The fly in the ointment (holding back Iraqi production) isthe lack of investment in infrastructure."
"I would expect (Iraqi) production levels probably to doubleover the medium term, over five to ten years."
BASSAM FATTOUH, OXFORD INSTITUTE FOR ENERGY STUDIES
"OPEC quotas are not based on reserves so I'm a bitsurprised by the statement"
"They (OPEC) don't see the Iraqi quota as an urgent issue. Iexpect OPEC to continue having a wait-and-see approach and dealwith this when Iraqi output and exports actually startincreasing"
"Iraq's potential is very big... But the figure of 11million barrels (per day of production), which was given byIraqi officials, I don't think it is realistic"
HARRY TCHILINGUIRIAN, COMMODITY ANALYST AT BNP PARIBAS
"They (Iraqi reserves) are very large and Iraq could be anextremely important producer in the region under normalconditions within 10 years."
He said Iraq had "a very successful licensing round" lastyear, suggesting strong interest in developing its reserves.However, he said that because of the country's politicalproblems, in terms of oil production "I can't guess the futureof Iraq".
ANDY SOMMER, ENERGY ANALYST WITH SWISS TRADING FIRM EGL
"I do not see any immediate impact. We have to see howquickly companies can get these recoverable reserves out of theground. For the time being, we still have some risks relatinghow companies can finance projects and there are political riskstoo. We need to wait to see real signs of pick up in investmentsand how quickly foreign companies can access to the reserves".
"I do not see Iraq getting any OPEC quota for the time beinguntil production reaches something like 4 million barrels perday, which is similar to Iran's production... Everyone knowsIraq needs every penny it earns from oil to rebuild thecountry". (Reporting by Dmitry Zhdannikov, Ikuko Kurahone, David Turnerand Alex Lawler, Writing by Dmitry Zhdannikov)