The sun hadn’t even touched the waters of the Chesapeake Bay when I walked into the office early this morning.
It was eerily quiet today, and the only light was a soft glow coming from a monitor in the corner. As it turned out, one of my colleagues, Christian DeHaemer, was staring intently at an image on his screen.
The moment Chris noticed me, he perked up a bit. “You don’t remember the first oil war in Iraq, do you?”
Like you, my initial thoughts were of the Persian Gulf War back in the early ’90s. When I glanced at the image on his screen, however, he was looking at an oil gusher I had never seen before.
“People have been making a fortune off of Iraq’s oil wealth long before our tanks rolled through those deserts,” he said.
It’s true, too.
In fact, the first company to take advantage of those resources was an oil company headquartered in London. The Turkish Petroleum Company (later renamed the Iraq Petroleum Company) held a monopoly over Iraq’s oil fields for the better part of 30 years — all the way up to the formation of OPEC.
Of course, the Turkish Petroleum Company inked its first exploration concession back in 1925, then struck pay dirt two years later with the kind of gushers you see in the image to the right.
But it turns out the best opportunity is still to come…
Look, when it comes to OPEC supply, there are really only two members left with a bright future: Saudi Arabia and Iraq.
I’ve mentioned in the past that even the Saudis are starting to lose control. Outside of OPEC, few countries have the ability to increase production.
Typically, it’s hard for us to look past the rampant production growth the United States has experienced over the last six years.
But the U.S. tight oil boom isn’t the only good news lately.
“What if I told you there was a field larger than the Bakken that was discovered not too long ago… and it was found in the one place in Iraq that guys like us could invest?” Chris asked me.
After seeing my eyes light up with the possibilities, he immediately pressed on, “Now you’re starting to see the big picture… just wait until I show you this.”
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Saddam’s Lost $961 Billion Oil Fortune
Even though my cubicle-mate and I don’t always agree on things, we see eye to eye when it comes to value.
And this morning, he was spot-on.
You see, Chris knows I hold an incredibly bullish outlook for oil, but the moment he mentioned a massive, virtually untapped oil field that he’s been fixated on lately, I couldn’t help but be slightly concerned.
“You’re not worried that oil’s firmly in the $70 range or that it could fall even lower?” I asked. “Or that everyone is lowering their demand expectations?”
After all, crude oil trading in London has plummeted 32% during the last five months — enough to make even the most stout investor panic…
Last month, the IEA told us that global oil demand will grow much slower than previously believed, with the world consuming 93.5 million barrels per day next year. Last week, the Energy Information Administration made a similar revision and now expects global demand to average 92.9 million barrels per day in 2015.
Chris just smiled as I aired my concerns…
“That’s the beauty of this field. Even if the oil is sold at the current price of the OPEC basket of $73.90 per barrel, I’ve uncovered a tiny driller whose share is still worth $961 billion!”
You see, even though the bulk of Iraq’s daily oil production is extracted from the southern region, one of its largest fields has been ignored for decades.
At first, I thought Chris was suggesting we start buying the major integrated oil companies that have been pillaging the sands of the Middle East for crude oil for nearly a century.
Thing is, you don’t need a $400 billion cap oil company like ExxonMobil to turn a quick profit. And this tiny, small-cap exploration company entrenched in this new field is trading at a huge discount.
Needless to say, I was convinced… and what he told me next made me pick up the phone and call my broker right away.
I strongly suggest you take a few moments out of your day and let Chris explain all the details to you himself.
Until next time,
Keith Kohl
Check us out on YouTube!A true insider in the technology and energy markets, Keith’s research has helped everyday investors capitalize from the rapid adoption of new technology trends and energy transitions. Keith connects with hundreds of thousands of readers as the Managing Editor of Energy & Capital, as well as the investment director of Angel Publishing’s Energy Investor and Technology and Opportunity.
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