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Iraq signs $3B oil deal with China
beachdweller
Posts: 1,532
So did the Bush administration allow this to happen to "appease" the Chinese who currently own our asses, or did the genius' in the administration just find out how incompetent they are, thinking they would be getting these deals for U S companies?
We still have some short-term no bid contracts, but the dutch corporation that does all the drilling in northern european seas is looking at a deal simliar to China's soon also.
Iraq signs $3B oil deal with China
http://www.cnn.com/2008/BUSINESS/08/30/iraq.china.oil.deal/index.html
Story Highlights
Iraq signs $3 billion oil deal with Chinese national oil company
Deal is first major contract with foreign company since fall of Saddam Hussein
China National Petroleum Corporation to develop oil field in southern Wasit province
Oil field expected to produce 125,000 barrels a day within three years
BAGHDAD, Iraq (CNN) -- Iraq has signed its first major oil deal with a foreign company since the fall of Saddam Hussein's regime, a spokesman for the Iraqi Oil Ministry said Saturday.
It was the first time in more than 35 years that Iraq has allowed foreign oil companies to do business inside its borders.
The contract with the China National Petroleum Corporation could be worth up to $3 billion. It would allow the CNPC to develop an oil field in southern Iraq's Wasit province for about 20 years, said Oil Ministry spokesman Assim Jihad.
Iraq's Cabinet must still approve the contract, but Jihad said that would happen soon, and work could start within a few months.
The Chinese company will provide technical advisers, oil workers and equipment to develop the al-Ahdab oil field, providing fuel for the al-Zubaidiya power plant in Wasit, southeast of Baghdad, bordering Iran, Jihad said.
Once development begins, the field is expected to start producing a preliminary amount of 25,000 barrels of oil a day and an estimated constant daily amount of 125,000 barrels after three years, he said.
Iraq currently produces about 2.5 million barrels a day, 2 million of which are exported daily, Jihad said. That is close to its status before the U.S.-led war that toppled Saddam in 2003, but below its levels prior to the Persian Gulf War in 1991.
Iraqi Oil Minister Hussein Shahrastani told CNN in July that he is confident Iraq will be able to double its production in the next five years.
As it did with other international companies, the Saddam regime had a partnership contract with CNPC signed at the end of the 1990s that entitled the company to share profits. The current contract, however, will only be a "service contract" under which CNPC is simply paid for its services, Jihad said.
He said Iraq has provided "security guarantees" for CNPC, as it would for any other foreign company that will work in Iraq's oil fields.
Jihad called it a major and significant move for Iraq.
Iraq sparked a scramble for lucrative oil contracts in June, when Shahrastani opened bidding to 35 international companies for long-term contracts to redevelop six oil fields.
The Oil Ministry continues to negotiate short-term, no-bid contracts with several U.S. and European oil companies, including Exxon Mobil Corp., Royal Dutch Shell, Total SA, Chevron Corp., and BP.
Iraq has among the largest oil reserves in the world with an estimated 115 billion barrels -- tying Iran for the No. 2 status behind Saudi Arabia's 264 billion barrels, according to estimates from the Energy Information Administration.
CNN's Jomana Karadsheh contributed to this report.
We still have some short-term no bid contracts, but the dutch corporation that does all the drilling in northern european seas is looking at a deal simliar to China's soon also.
Iraq signs $3B oil deal with China
http://www.cnn.com/2008/BUSINESS/08/30/iraq.china.oil.deal/index.html
Story Highlights
Iraq signs $3 billion oil deal with Chinese national oil company
Deal is first major contract with foreign company since fall of Saddam Hussein
China National Petroleum Corporation to develop oil field in southern Wasit province
Oil field expected to produce 125,000 barrels a day within three years
BAGHDAD, Iraq (CNN) -- Iraq has signed its first major oil deal with a foreign company since the fall of Saddam Hussein's regime, a spokesman for the Iraqi Oil Ministry said Saturday.
It was the first time in more than 35 years that Iraq has allowed foreign oil companies to do business inside its borders.
The contract with the China National Petroleum Corporation could be worth up to $3 billion. It would allow the CNPC to develop an oil field in southern Iraq's Wasit province for about 20 years, said Oil Ministry spokesman Assim Jihad.
Iraq's Cabinet must still approve the contract, but Jihad said that would happen soon, and work could start within a few months.
The Chinese company will provide technical advisers, oil workers and equipment to develop the al-Ahdab oil field, providing fuel for the al-Zubaidiya power plant in Wasit, southeast of Baghdad, bordering Iran, Jihad said.
Once development begins, the field is expected to start producing a preliminary amount of 25,000 barrels of oil a day and an estimated constant daily amount of 125,000 barrels after three years, he said.
Iraq currently produces about 2.5 million barrels a day, 2 million of which are exported daily, Jihad said. That is close to its status before the U.S.-led war that toppled Saddam in 2003, but below its levels prior to the Persian Gulf War in 1991.
Iraqi Oil Minister Hussein Shahrastani told CNN in July that he is confident Iraq will be able to double its production in the next five years.
As it did with other international companies, the Saddam regime had a partnership contract with CNPC signed at the end of the 1990s that entitled the company to share profits. The current contract, however, will only be a "service contract" under which CNPC is simply paid for its services, Jihad said.
He said Iraq has provided "security guarantees" for CNPC, as it would for any other foreign company that will work in Iraq's oil fields.
Jihad called it a major and significant move for Iraq.
Iraq sparked a scramble for lucrative oil contracts in June, when Shahrastani opened bidding to 35 international companies for long-term contracts to redevelop six oil fields.
The Oil Ministry continues to negotiate short-term, no-bid contracts with several U.S. and European oil companies, including Exxon Mobil Corp., Royal Dutch Shell, Total SA, Chevron Corp., and BP.
Iraq has among the largest oil reserves in the world with an estimated 115 billion barrels -- tying Iran for the No. 2 status behind Saudi Arabia's 264 billion barrels, according to estimates from the Energy Information Administration.
CNN's Jomana Karadsheh contributed to this report.
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Peace
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ok, you're right, I should have said Cheney. It's not far fetched...I'm still trying to figure out how and why the energy meetings cheney had are priviliged...the Bush administration, until recently, which is a good sign, has shutout any countries businesses from establishing contracts with Iraq that didn't participate in the war.
I'm not saying they told Iraq what to do, they may have held U S oil companies back during nogotiations, or they, which I believe, have no control anymore over the Iraqi government. This is promising...
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It is pretty safe to say that we have no control over the Iraqi government, which if you think about it is actually a good thing.
to me, it's actually some of the best news out of that area in a long time. We have a timetable, and China now has a stake in Iraq. They'll want their oil fields they are leasing to be secure...which is their job not ours.
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....And their foreign land but with our permanent military bases we ain't leaving ANY TIME SOON.
Peace
*MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
.....song_Music & Politics....Michael Franti
*The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)
I haven't seen the specifics of the troop pullout by the end of 2011, but I bet it doesn't say anything about the troops stationed at our uber-embassy. The largest in the world.
If Iraq is smart, they'll kick our asses out completely.
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That embassy cost anywhere from $500 million-a billion, ridiculous.
Peace
*MUSIC IS the expression of EMOTION.....and that POLITICS IS merely the DECOY of PERCEPTION*
.....song_Music & Politics....Michael Franti
*The scientists of today think deeply instead of clearly. One must be sane to think clearly, but one can think deeply and be quite INSANE*....Nikola Tesla(a man who shaped our world of electricity with his futuristic inventions)
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