And Iraq's big oil contracts go to ...

[oldreliable67]

According to an article on CNNMoney, despite claims by some critics that the Bush administration invaded Iraq to take control of its oil, the first contracts with major oil firms from Iraq's new government are likely to go not to U.S. companies, but rather to companies from China, India, Vietnam, and Indonesia.

Though the initial contracts are likely to be relatively small, the Asian firms appear well-positioned to win further contracts.

The larger US firms are seen as benefitting from later contracts that will focus on engineering and field development, as compared to the initial contracts, which appear to focus on production and management.

The article is here.

 

[RightinNYC]

According to an article on CNNMoney, despite claims by some critics that the Bush administration invaded Iraq to take control of its oil, the first contracts with major oil firms from Iraq's new government are likely to go not to U.S. companies, but rather to companies from China, India, Vietnam, and Indonesia.

Though the initial contracts are likely to be relatively small, the Asian firms appear well-positioned to win further contracts.

The larger US firms are seen as benefitting from later contracts that will focus on engineering and field development, as compared to the initial contracts, which appear to focus on production and management.

The article is here.

This is a good article that refutes many of the claims that this war would "only benefit US oil interests." Thanks for posting it.:2wave:

 

[Chanda]

According to an article on CNNMoney, despite claims by some critics that the Bush administration invaded Iraq to take control of its oil, the first contracts with major oil firms from Iraq's new government are likely to go not to U.S. companies, but rather to companies from China, India, Vietnam, and Indonesia.

According to the CNNMoney article, "Giving out a few crumbs to the Chinese and Indians is one thing," said Kretzmann, who noted the draft law was seen by both the Bush administration and the International Monetary Fund before it was given to Iraq's parliament. "But the real prize are the contracts that award long-term rights. I think the [Western oil companies] are biding their time."

The Independent reported that the Bush administration was involved in drawing up the draft law which would "give big oil companies such as BP, Shell and Exxon 30-year contracts to extract Iraqi crude and allow the first large-scale operation of foreign oil interests in the country since the industry was nationalised in 1972."

Future of Iraq: The sp<i>oil</i>s of war - Independent Online Edition > Middle East

The provision allows oil companies to take 75% of the profits until they have recouped initial drilling costs.

 

[RightinNYC]

According to the CNNMoney article, "Giving out a few crumbs to the Chinese and Indians is one thing," said Kretzmann, who noted the draft law was seen by both the Bush administration and the International Monetary Fund before it was given to Iraq's parliament. "But the real prize are the contracts that award long-term rights. I think the [Western oil companies] are biding their time."

The person making this speculation is from "Oil Change International," an "industry watchdog group." Between that and the fact that he doesn't cite any backing whatsoever for his claim, I don't have much faith in it.

The Independent reported that the Bush administration was involved in drawing up the draft law which would "give big oil companies such as BP, Shell and Exxon 30-year contracts to extract Iraqi crude and allow the first large-scale operation of foreign oil interests in the country since the industry was nationalised in 1972."

Future of Iraq: The sp<i>oil</i>s of war - Independent Online Edition > Middle East

The provision allows oil companies to take 75% of the profits until they have recouped initial drilling costs.

This article is 4 months old. If its claims were valid, why have things played out directly contrary to what it claims? Why does the law, as it stands right now, go against what this article claims the law would say, according to their sources?

 

[Bergslagstroll]

The Independent reported that the Bush administration was involved in drawing up the draft law which would "give big oil companies such as BP, Shell and Exxon 30-year contracts to extract Iraqi crude and allow the first large-scale operation of foreign oil interests in the country since the industry was nationalised in 1972."Future of Iraq: The sp<i>oil</i>s of war - Independent Online Edition > Middle East

The provision allows oil companies to take 75% of the profits until they have recouped initial drilling costs.

This is the intresting part the denationalisation of oil industry. That it's very common that you have vital natural resource nationalized. It also intresting that the denationalised is conducted during very chaotic times for Iraq and that their are plans for 30 years contracts. That if their there any intersting to lock after the interest of the Iraqies vitale decisions like this should wait until the nation is stable.

Also how much of the last election in Iraq was about this important issue? This is a very important question. Just think of the democrats nationalized the health care in USA with only little debate about the issue during the election time. And that is an smaler issue then denationalization of the oil industry.

 

[Hoot]

I don't have any faith in Iraqi oil. I'm not holding my breath waiting for Iraqi oil to start flowing again at pre war levels.

Foreign investment would be helpful in reviving Iraqs oil economy, but Iraq has been battered by 15 years of war, sanctions, more war and now outright anarchy.

400 major attacks have been recorded on pipelines, and attacks on oil installations have killed at least 289 employees last year alone.

Most of Iraq's skilled technicians, engineers and geologists have escaped Iraq or are hiding in Sunnui cities.

Smuggling is rampant, with kickbacks to corrupt officials, and oil tanker trucks waiting in lines as long as 8 miles.

Any oil deal that seems unfair to the Iraqi people will only extend the sectarian violence in this region for decades to come.

Thanks, Mr. President.

 

[DeeJayH]

I don't have any faith in Iraqi oil. I'm not holding my breath waiting for Iraqi oil to start flowing again at pre war levels.

Foreign investment would be helpful in reviving Iraqs oil economy, but Iraq has been battered by 15 years of war, sanctions, more war and now outright anarchy.

400 major attacks have been recorded on pipelines, and attacks on oil installations have killed at least 289 employees last year alone.

Any oil deal that seems unfair to the Iraqi people will only extend the sectarian violence in this region for decades to come.

Thanks, Mr. President.

USATODAY.com - Pessimism surrounds falling oil production in Iraq

Despite the challenges, Iraq has benefited from rising oil prices, which have soared to more than $60 a barrel. Iraq's oil revenue jumped from $5 billion in 2003 — when the price of oil was about half of today's — to $17 billion in 2004, according to the U.S. State Department

something to consider
another thing to consider is that the oil revenue is finally going to the country, instead of Saddams palaces
oil production is down, some
oil prices are way up, increasing revenues
oil is benefiting country not Saddam, must make things better for the avg Iraqi