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Iraq's Oil Patch Opens the Spigot
Wall Street Journal ^ | November 11, 2010 | Chip Cummins

Posted on 11/14/2010 11:04:28 AM PST by Dr. Eckleburg

BASRA, Iraq—This dusty and ragged city in southern Iraq was notorious a couple years back for its vicious militia warfare and rampant smuggling. Today Basra has a very different rep: one of the world's newest oil boom towns.

Some of the world's largest energy companies are ramping up drilling in Iraq. They are focused on a handful of fields clustered near Basra, the nation's oil hub, as the government attempts a dramatic expansion of output that could help moderate world energy prices for years to come.

The drilling frenzy has triggered an investment and building boom in Basra itself. Recently, the investment commission of the local governorate said it had awarded 11 new investment licenses worth $500 million to local and foreign companies with new projects in the area. Separately, a 65,000-seat soccer stadium is on the drawing board...

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS:

1 posted on 11/14/2010 11:04:31 AM PST by Dr. Eckleburg
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To: Dr. Eckleburg

Bush’s Fault


2 posted on 11/14/2010 11:06:15 AM PST by SHOOT THE MOON bat (Hey White House liar. Truth comes out a little at a time.)
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To: xzins; P-Marlowe; blue-duncan; HarleyD; wmfights; Forest Keeper; 1000 silverlings; ...

After 20 years off-line, Iraq’s oil fields are pumping again which will fuel a global economic recovery.


3 posted on 11/14/2010 11:07:37 AM PST by Dr. Eckleburg ("I don't think they want my respect; I think they want my submission." - Flemming Rose)
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To: Dr. Eckleburg

And its all going to China.


4 posted on 11/14/2010 11:07:59 AM PST by thethirddegree
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To: SHOOT THE MOON bat

lol. Yep. Anyone who thinks politics “just happens” isn’t paying attention.


5 posted on 11/14/2010 11:08:33 AM PST by Dr. Eckleburg ("I don't think they want my respect; I think they want my submission." - Flemming Rose)
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To: Dr. Eckleburg
Capitalism cures all the worlds problems wherever it is tried.

If government was the answer, Zimbabwe and Cuba would be economic powerhouses.The Soviet Union would still be around.

6 posted on 11/14/2010 11:08:54 AM PST by FatherofFive (Islam is evil and must be eradicated)
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To: Dr. Eckleburg

Good now they can start paying off their Debit to America!


7 posted on 11/14/2010 11:09:11 AM PST by Cheetahcat (Zero the Wright kind of Racist! We are in a state of War with Democrats)
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To: thethirddegree

That’s fine, I just wish gas prices would stop creeping up now. It’s closing on 3 bucks again here.


8 posted on 11/14/2010 11:09:32 AM PST by Tolsti2
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To: Dr. Eckleburg

So...is the price of Gasoline going down yet?


9 posted on 11/14/2010 11:11:01 AM PST by Delta 21 (If you cant tell if I'm being sarcastic...maybe I'm not.)
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To: Alex Murphy; Gamecock

ping


10 posted on 11/14/2010 11:11:30 AM PST by Dr. Eckleburg ("I don't think they want my respect; I think they want my submission." - Flemming Rose)
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To: Dr. Eckleburg
Some of the world's largest energy companies

But not American oil companies. The libs wouldn't want THAT! China did what it could to block the deposition of Saddam, as did France, but they are ready to step in and scarf up the profits.

11 posted on 11/14/2010 11:12:03 AM PST by Cicero
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To: Delta 21

It will be going down for the next 20 years.


12 posted on 11/14/2010 11:12:22 AM PST by Dr. Eckleburg ("I don't think they want my respect; I think they want my submission." - Flemming Rose)
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To: Cicero

You think Exxon isn’t American???


13 posted on 11/14/2010 11:13:04 AM PST by Dr. Eckleburg ("I don't think they want my respect; I think they want my submission." - Flemming Rose)
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To: Cicero

My company is in talks with Baghdad to supply them with new derricks.


14 posted on 11/14/2010 11:14:19 AM PST by acad1228 (Palin/Watts in 2012!!!)
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To: acad1228

I like your tag. 8~)


15 posted on 11/14/2010 11:16:58 AM PST by Dr. Eckleburg ("I don't think they want my respect; I think they want my submission." - Flemming Rose)
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To: Dr. Eckleburg

BP is in Iraq as well.


16 posted on 11/14/2010 11:20:39 AM PST by MinorityRepublican
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To: MinorityRepublican

BP has a $30 billion liability due to the spill. They’ve divested most of their holdings in Russia. Wonder who’s going to be buying up the rest of those assets?


17 posted on 11/14/2010 11:28:10 AM PST by Dr. Eckleburg ("I don't think they want my respect; I think they want my submission." - Flemming Rose)
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To: Dr. Eckleburg

Yep but BP doesn’t have to pay off their liabilities off all at once.


18 posted on 11/14/2010 11:31:28 AM PST by MinorityRepublican
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To: All

Iraq’s oil minister claims he can get to 13 million barrels of oil per day by 2013.

Everyone on the planet who is rational knows Iraq cannot get to even 5 million barrels of oil per day by even 2025. They likely will NEVER get to 5 mbpd. The fields presently pumping are losing output at about 6%/yr. They have to add that just to break even.

The article’s celebration of a few 10’s of thousands of barrels per day is insignificant. The world burns 85 million barrels of oil per day, mostly from fields whose production is falling.

The US needs to embrace a policy of hugely expanded oil consumption, to deny what production (not reserves) is left to China.


19 posted on 11/14/2010 11:33:19 AM PST by Owen
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To: Dr. Eckleburg

Whew! What a relief !!


20 posted on 11/14/2010 11:37:44 AM PST by Delta 21 (If you cant tell if I'm being sarcastic...maybe I'm not.)
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To: Delta 21

8~)


21 posted on 11/14/2010 11:50:42 AM PST by Dr. Eckleburg ("I don't think they want my respect; I think they want my submission." - Flemming Rose)
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To: AdmSmith; Arthur Wildfire! March; Berosus; bigheadfred; ColdOne; Convert from ECUSA; Delacon; ...
Thanks Dr. Eckleburg.
Some of the world's largest energy companies are ramping up drilling in Iraq. They are focused on a handful of fields clustered near Basra, the nation's oil hub, as the government attempts a dramatic expansion of output that could help moderate world energy prices for years to come.

22 posted on 11/14/2010 11:52:58 AM PST by SunkenCiv (The 2nd Amendment follows right behind the 1st because some people are hard of hearing.)
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To: Owen

The idea that the USA could buy up a large part of oil production is intriguing. This would deny China resources they use against us.

But it would require that we accept $5/gal gas, for at least a short time. And there would be retaliation from China.

Can’t imagine that this would happen.


23 posted on 11/14/2010 2:49:53 PM PST by saltus (God's Will be done)
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To: Dr. Eckleburg; xzins; P-Marlowe; blue-duncan; HarleyD; wmfights; Forest Keeper; 1000 silverlings

If we would only allow drilling here we wouldn’t need to borrow money to buy their oil. If they want a solution to the deficit, here’s one.


24 posted on 11/14/2010 3:30:30 PM PST by HarleyD
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To: SunkenCiv

If Ben Bernacke doens’t hopelessly degrade the dollar, than this could help with fuel prices.


25 posted on 11/14/2010 4:35:02 PM PST by Clintonfatigued (Illegal aliens commit crimes that Americans won't commit.)
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To: SunkenCiv
They are going to have to add capacity to the port....will take awhile for this oil to make it to market.
26 posted on 11/14/2010 5:15:38 PM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: thethirddegree
And its all going to China.

Isn't crude generally considered a fungible commodity?

27 posted on 11/14/2010 5:20:07 PM PST by nascarnation
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To: nascarnation

/bingo


28 posted on 11/14/2010 8:10:33 PM PST by SunkenCiv (The 2nd Amendment follows right behind the 1st because some people are hard of hearing.)
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To: Dr. Eckleburg

No recovery here until the Islamist is removed from office.


29 posted on 11/14/2010 8:35:23 PM PST by Frantzie (Imam Ob*m* & Democrats support the VICTORY MOSQUE & TV supports Imam)
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To: SHOOT THE MOON bat

“Bush’s Fault”

Bush lied, and democracy, opportunity and modern industry came to Iraq...

Doesn’t have that ‘saying’ quality, does it?


30 posted on 11/14/2010 9:51:45 PM PST by SeattleBruce (We voted - NOW we fight against vote fraud! Tea Party like it's 1773! Pray 2 Chron. 7:14!)
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To: Cicero; All

I imagine that Iraqui decisions not to favor American oil companies has more to do with Bush/Cheney than it does with libs. really ironic since while the Afghanistan war made sense at the time, the Iraq war did not. And I despised Saddam Hussein for the murdering skumbags that he and his family were. In fact I think the best thing to come out of the whole Iraq war is that we will never have to deal with Uday and Cusay(sp?). Bush wanted the war because SH “tried to kill my daddy.” and Cheney wanted it for big Halliburton contracts. Incidentally, I just heard today that in 2005 Cheney made sure that gas drillers were exempt from clean water standards when “fracking” oil shale, and now there are serious problems of ground water poisoning.


31 posted on 11/14/2010 11:41:55 PM PST by gleeaikin
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To: gleeaikin

I don’t know what you are smoking, but it must be some powerful stuff.


32 posted on 11/14/2010 11:47:59 PM PST by Nik Naym (It's not my fault... I have compulsive smartass disorder.)
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To: Nik Naym; All

Part of what I say is based on the thoughts of my son who is currently in Special Forces, and 8 days after SH invaded Kuwait was deployed in Saudi Arabia with the 82nd Airborne.

Several months before we went into Iraq in 2003, and after the big Gen Shinseki(sp?) blowup because he said we should have 350,000 troops going in I asked my son how many he thought we ought to have. His figure was 450,000. Subsequently, the man Bush put in, his name escapes me at almost 3 am, said we should have had around 1/2 million.

At any rate I have watched the situation with more than the average interest since my son’s life is at risk. And also given it a lot of thought. He also served for 8 months in Afghanistan in 2006 with Special Forces.


33 posted on 11/15/2010 12:04:01 AM PST by gleeaikin
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To: gleeaikin
I just heard today that in 2005 Cheney made sure that gas drillers were exempt from clean water standards when “fracking” oil shale, and now there are serious problems of ground water poisoning.

Why don't you educate yourself about fracking and stop regurgitating the liberal line?

34 posted on 11/15/2010 5:17:44 AM PST by Erik Latranyi (Too many conservatives urge retreat when the war of politics doesn't go their way.)
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To: Erik Latranyi

I think it’s fairly safe to say that the Chinese got the contract, just as the French got contracts from Saddam earlier, because they offered the Iraqi political leaders the biggest bribes.

American oil companies aren’t allowed to offer bribes to foreign governments. Which is why our “Big Oil” companies are now relative midgets compared to foreign state oil companies, which do offer bribes.


35 posted on 11/15/2010 10:22:46 AM PST by Cicero
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To: Erik Latranyi; All

I am not regurgitating a liberal line, I was looking at interviews of rural people (classic Tea Party material) distressed by illness, tainted water, and water that gives off gas that was set on fire in the video clip. One company had even admitted damage to the point of providing free drinking water, although the people still have to shower in tainted water. I didn’t even know there was a “liberal” line.


36 posted on 11/15/2010 10:25:57 AM PST by gleeaikin
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To: gleeaikin

Fracking is done at depths of 5000 to 9000 feet....far below the water table.

There is a steel casing running down to the horizontal to prevent interference with the water table.

Additionally, the first 800-1200 feet of steel casing is enclosed in concrete to prevent problems with the water table.

The pictures of methane in water are people who drilled their well into a methane pocket...it has nothing to do with gas drilling or fracking.

The drillers have had surface spills that resulted in bottled water being provided, but nobody has demonstrated damage to existing, underground water supplies from fracking.

Those are the facts, not hysteria from environmentalists that are trying to stop natural gas drilling.


37 posted on 11/15/2010 1:40:32 PM PST by Erik Latranyi (Too many conservatives urge retreat when the war of politics doesn't go their way.)
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To: gleeaikin

What I was refering to was this ...

“Bush wanted the war because SH “tried to kill my daddy.” and Cheney wanted it for big Halliburton contracts. Incidentally, I just heard today that in 2005 Cheney made sure that gas drillers were exempt from clean water standards when “fracking” oil shale, and now there are serious problems of ground water poisoning.”

I respect and appreciate your son’s military service but I fail to understand what it has to do with the above quoted statements from your post.


38 posted on 11/17/2010 6:27:44 PM PST by Nik Naym (It's not my fault... I have compulsive smartass disorder.)
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To: Nik Naym; All

What it has to do with my son’s service is that I was really paying attention to what was happening because I didn’t want my son to get killed in a badly planned, poorly executed war started for less than the national interest. I thought SH was a monster, and was glad that we were going to take him out, but should we have done it when we had not finished in Afghanistan?


39 posted on 11/18/2010 6:31:22 PM PST by gleeaikin
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