Oil Extraction, A blessing or Threat

Iraq has been blessed with abundant oil resources which are being exploited by the many international oil companies in Iraq. KRG Iraq is very keen to increase its oil productions so that it could generate maximum revenue for the country. With reference to the news posted by Iraq Business News in its oil and gas segment, some US geologists have raised their voice arguing that oil extraction could cause earthquakes. The debate is alive for decades, but no logical and solid analysis has been provided in favor of this myth.

On the 16th of June 2013 IBN explains that the Kurdistan Regional Government is aiming to produce one million barrels of crude oil per day by the end of 2015. To realize that dream KEG is negotiating with many international oil companies to come and invest in the offered oil projects. According to the analysis’ of oil exports, Kurdistan Region has fourth largest oil reserves in the world of worth 45 billion barrels with a century-worth gas reserves.

Khansi, an oil and a metal expert told IBN that he had advised the Ministry of Natural Resources many times to keep all the possible records regarding earthquakes but nothing taken seriously. He said that no radical differences in earthquakes in Iraqi Kurdistan have been observed, but the extraction of one million barrel oil per day might cause some geological imbalance. He added that estimates should be revised regarding KRG oil reserves. According to him, more than 60 billion barrels seas are there under KRG soil. Experts are hoping that all oil transformations would be well managed and not man-made earthquakes.

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