News and Analysis
Iraq primes output booster
Country's crude production to increase by 200,000 barrels per day at the end of 2010.
February 21, 2010: Iraq's Oil Minister Hussain Shahristani expects thecountry's crude production to increase by 200,000 barrels per day this year,saying new floating terminals will help raise export capacity by more than 2million bpd by the middle of 2011.
ConocoPhillips added about 1.216 billion barrels of oilequivalent to its proved reserves in 2009, helped by additions from the Synccrude oil sands project and its Lukoil stake. The US supermajor's reservereplacement ratio was 141%, based on 865 million boe of production, includingfuel gas. Total proved reserves at the end of 2009 were 10.326 billion boe, aReuters report said.
Costsincurred for 2009 were $10.936 billion, resulting in finding and developmentcosts for the year of $8.94 per boe, ConocoPhillips said. Undernew rules from the US Securities & Exchange Commission, companies nowinclude barrels from oil sands projects in their proved reserves estimates.(Source: Upstreamonline)