IHS Inc. (NYSE:IHS), a global provider of critical technical
information and consulting services, today announced the upcoming
launch of the Iraq Atlas, the first and only detailed analysis of oil
reserves, production and development opportunities developed since the
start of the Iraq conflict.
The Iraq Atlas, which will be available from IHS on May 9, is a
unique overview of all known prospects and fields in Iraq, and
estimates oil reserves at up to 116 billion barrels, ranking the
country number three in the world. The Iraq Atlas estimates that there
could potentially be another 100 billion barrels of oil in the Western
Desert of Iraq.
The Iraq Atlas provides the highest and most accurate level of
detail available to date of reserves field by field. A total of 435
undrilled prospects and non-commercial discoveries, and 81 producing
fields and commercial discoveries are included. Reservoirs have been
re-evaluated using new information and all field reserves and
production numbers have been reassessed and validated. In particular,
the Iraq Atlas reviews:
-- All proven and in-place reserves by reservoir, including
cumulative production figures
-- Estimates of remaining recoverable oil and gas reserves by
reservoir by the end 2006
-- Location maps and structure maps for fields and prospects,
along with maps of the new bidding round blocks
-- New discoveries in Iraqi Kurdistan, along with a guide to
exploration in this region
-- The Western Desert of Iraq, which is believed to hold
exploration potential of approximately 100 billion barrels of
oil and a large amount of gas
-- A complete review of the stratigraphy for all discoveries in
Iraq, including test results and stratigraphic columns and
cross sections
"The market has not had access to this level of data and analysis
on Iraq's oil reserves and production capabilities for many years,"
said Ron Mobed, president and chief operating officer of the energy
segment of IHS. "Clearly, the sourcing of accurate data is invaluable
in planning, negotiating and contracting for the rebuilding of Iraq's
oil infrastructure. While a few companies may have selected data based
on cooperative agreements, most are basing investigations of
geological, cost and risk considerations on older and less detailed
data. With the Iraq Atlas, investors are now able to assess both
exploration and field partnership opportunities in the region, and IHS
is well placed to advise them on such opportunities."
"In 2007, the Iraqi government is expected to launch a bid round
for 65 exploration blocks and 78 fields are also to be offered for
development," Mobed added. "The Iraq Atlas will help companies
evaluate these blocks and fields quickly and accurately."
It took more than a year of research to develop the Iraq Atlas
using IHS software and a number of IHS and Iraqi geological and
petroleum engineers with an average of more than 30 years of regional
expertise in the Iraq exploration and production sector. The Iraq
Atlas provides insight on investment issues and a host of other
features across the geo-political and geological landscape.
The Iraq Atlas estimate of up to another potential 100 billion
barrels of oil reserves is largely based on the establishment of new
play concepts in the Western Desert of Iraq, which have been generated
from a recent study of the Western Arabian Platform. The Western
Desert of Iraq is widely regarded as being substantially under
explored with only one commercial discovery in the region largely
because Iraq has had a surplus of oil to date and little incentive for
exploration.
"Most of Iraq's oil production comes from the south of Iraq and is
exported via the Persian Gulf because of repeated sabotage attacks on
facilities in the north," said Mohamed Zine, IHS regional manager for
the Middle East. "This has resulted in a current production capacity
of two million barrels of oil per day. However, the Iraq Atlas
estimates indicate that given a stable political and civil
environment, Iraq has the potential to produce four million barrels a
day in the near term if necessary investments are made in repairing
and modernizing facilities."
Zine added: "The cost to produce oil in some Iraq fields is less
than $2 per barrel according to our estimates and investments involved
in developing the fields are minimal."
Prior to Iraq's war with Iran in 1980, the country had a
production capacity of 3.6 million barrels of oil per day. It was 3.2
million barrels per day before the first Gulf War in 1990 and 2.7
million barrels per day before the start of the most recent conflict.
About IHS (www.ihs.com)
IHS (NYSE:IHS) is a leading provider of critical technical
information, decision-support tools and related services to customers
around the world. Our data and services are used primarily by the
energy, defence, aerospace, construction, electronics, and automotive
industries. IHS translates the value of our global information,
expertise and knowledge to enable customer success and create customer
delight on a daily basis. Ranging from governments and large
multinational corporations to smaller companies and technical
professionals in more than 100 countries, customers rely on our
offerings to facilitate decision making, support key processes and
improve productivity. IHS has been in business for nearly 50 years and
employs more than 2,500 people around the world.
