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 ...
Bush’s Fault
After 20 years off-line, Iraq’s oil fields are pumping again which will fuel a global economic recovery.
And its all going to China.
lol. Yep. Anyone who thinks politics “just happens” isn’t paying attention.
If government was the answer, Zimbabwe and Cuba would be economic powerhouses.The Soviet Union would still be around.
Good now they can start paying off their Debit to America!
That’s fine, I just wish gas prices would stop creeping up now. It’s closing on 3 bucks again here.
So...is the price of Gasoline going down yet?
ping
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.
It will be going down for the next 20 years.
You think Exxon isn’t American???
My company is in talks with Baghdad to supply them with new derricks.
I like your tag. 8~)
BP is in Iraq as well.
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?
Yep but BP doesn’t have to pay off their liabilities off all at once.
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.
Whew! What a relief !!
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