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Keyword: iraqioil

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  • Iraq Inks $17B Deal with Shell, Mitsubishi

    11/29/2011 5:20:59 AM PST · by thackney · 7 replies · 1+ views
    Rig Zone ^ | November 28, 2011 | Mitsubishi Corp
    The Iraqi Ministry of Oil (MoO) formally signed a joint venture agreement with Shell, the South Gas Company (SGC), an affiliate of MoO, and Mitsubishi Corporation (MC) on an initiative to capture associated gas in South Iraq. MC made an agreement with Shell to take a 5% interest in the project in August 2009. Following the Iraq government approval made on 15th November this year, SGC, Shell and MC have signed agreements associated with the project. These agreements create the Basrah Gas Company (BGC) Joint Venture, made up of Iraq's SGC (51%), Shell (44%) and MC (5%). Some 700 million...
  • Chinese-led group initials deal for Iraq oil field

    12/22/2009 5:36:45 AM PST · by Oldeconomybuyer · 2 replies · 487+ views
    AFP via Yahoo! News ^ | December 22, 2009
    A consortium led by China's top oil producer initialled a deal with Iraq on Tuesday to develop the southern Halfaya oil field, oil ministry spokesman Assem Jihad told AFP. "Yes, they signed the contract today," he said of the group made up of China National Petroleum Corp. (CNPC) and which also includes France's Total and Malaysia's Petronas. The three companies are aiming to increase production at Halfaya, which has proven reserves of 4.098 billion barrels of oil, to 535,000 barrels per day (bpd).
  • Iran: Oil field is ours, not Iraq's

    12/19/2009 3:45:05 PM PST · by La Enchiladita · 50 replies · 1,841+ views
    Y-Net News ^ | Dec. 19, 2009 | Dudi Cohen
    Iran confirmed Saturday that its forces had taken over East Maysan oil field, located on the Iran-Iraq border. The move caused a 2.4% spike in oil prices. "The Iranian forces are on Iranian soil, as defined by known international borders. This oil field is Iran's" said an Iranian armed forces statement quoted by the Islamic Republic Arab-language television station, al-Alam. Proprietary of the East Maysan oil field had been the center of a dispute between Tehran and Bagdad for a lengthy period of time. Iraq's Deputy Interior Minister Ahmed Ali al-Khafaji said the move was the latest in a series...
  • U.S. Companies Shut Out as Iraq Auctions Its Oil Fields

    12/19/2009 1:29:08 PM PST · by UAConservative · 24 replies · 1,046+ views
    Time ^ | December 19, 2009 | Vivienne Walt
    Those who claim that the U.S. invaded Iraq in 2003 to get control of the country's giant oil reserves will be left scratching their heads by the results of last weekend's auction of Iraqi oil contracts: Not a single U.S. company secured a deal in the auction of contracts that will shape the Iraqi oil industry for the next couple of decades. Two of the most lucrative of the multi-billion-dollar oil contracts went to two countries which bitterly opposed the U.S. invasion — Russia and China — while even Total Oil of France, which led the charge to deny international...
  • Russia's Lukoil Wins Huge Iraqi Oilfield

    12/12/2009 6:51:06 PM PST · by FromLori · 28 replies · 1,066+ views
    The Business Insider ^ | 12/12/09 | Joe Weisenthal
    So much for America getting all the oil it spent billions of dollars, and thousands of lives to "liberate." ----- By SINAN SALAHEDDIN (AP) – 10 hours ago BAGHDAD — A consortium led by Russia's private oil giant won the biggest prize of Iraq's second oil auction this year, nabbing a field initially promised them a decade ago by Saddam Hussein while other companies Saturday showed little interest in offerings outside the secure southern part of the country. Lukoil and Norway's Statoil ASA won rights to develop the 12.88 billion barrel West Qurna Phase 2 field in the Basra region,...
  • Former US diplomat Peter Galbraith grabs hundreds of millions in Iraqi oil money

    11/13/2009 6:33:51 AM PST · by Ravnagora · 15 replies · 796+ views
    Axis of Logic ^ | November 13, 2009 | Alex Lantier
    Yesterday the New York Times reported the Norwegian financial newspaper Dagens Naeringsliv’s revelations that Peter Galbraith, a former US diplomat and advisor to the Kurdish regional government in northern Iraq, stands to make hundreds of millions of dollars in profit from Iraqi oil revenues. Galbraith’s profits would result from his cashing in on his links to the Kurdish regional leadership, and his role in drafting Iraq’s Constitution, shortly after the 2003 US invasion of Iraq. In 2004, Galbraith helped the Kurds arrange deals with Norwegian oil firm DNO and prepare for negotiations on the Iraqi Constitution, including controversial provisions on...
  • T. Boone Pickens on Iraq: 'We leave there with the Chinese getting the oil'

    10/23/2009 6:24:43 PM PDT · by DavidAccord · 52 replies · 1,422+ views
    WASHINGTON — A leading energy developer said the United States has been excluded from Iraq's revived energy market. ShareThis T. Boone Pickens told Congress that U.S. companies were losing opportunities in the Iraqi crude oil and natural gas sectors to competitors from China and Europe. The senior executive said the United States could lose all influence in the Iraqi oil sector after the military withdrawal in 2011. "They're opening them [oil fields] up to other companies all over the world," Pickens told the Congressional Natural Gas Caucus on Oct. 21. "We leave there with the Chinese getting the oil," he...
  • Oil companies bid for Iraq’s oil fields (ExxonMobile loses to BP)

    06/30/2009 12:49:40 PM PDT · by The Pack Knight · 6 replies · 718+ views
    BP and CNPC have won the right to help Iraq develop the Rumaila field. The UK and Chinese companies beat ExxonMobil, the US oil company, which had partnered with Petronas, the Malaysian oil company. BP clinched the contract when it agreed to reduce its fee per barrel from $3.99 to $2. But the rest of the auction has not gone as smoothly. In fact, so far, the smaller five of the eight oil and gas fields being auctioned off have failed to find a company willing to accept the narrow terms and the relatively low price Iraq is willing to...
  • China buys Addax for £4.4bn to tap Iraqi oil

    06/24/2009 3:47:50 PM PDT · by greyfoxx39 · 7 replies · 556+ views
    Telegraph UK ^ | June 24, 2009 | Rowena Mason
    The board of Addax, which is also listed in Toronto and based in Switzerland, has recommended a C$52.80 per share offer from Sinopec, the Chinese state oil and gas company. Addax has oil assets in West Africa and the Middle East, particularly the Kurdistan region of northern Iraq. The company has increased its crude oil production from 8.8m barrels per day ten to 134.7m barrels per day over the last ten years. -SNIP-The transaction is the second this month involving assets in Iraq's Kurdish territory after the region started exports at the beginning of June.
  • Oil Find in Northern Iraq (Kurdistan)

    05/06/2009 10:28:14 PM PDT · by nickcarraway · 1 replies · 452+ views
    The National ^ | May 6. 2009 | Tamsin Carlisle
    A tiny Canadian oil company has struck a giant oilfield in the Kurdistan region of northern Iraq that may contain up to 3 billion barrels of recoverable crude. Heritage Oil’s Miran West oil find is the largest to date in the semi-autonomous Kurdish region, and highlights the potential for further big discoveries in underexplored parts of Iraq, which already has the world’s third-largest proved oil reserves. It could also turn a spotlight on Baghdad’s long-running conflict with regional authorities over oil jurisdiction. “This is extremely important,” said Samuel Ciszuk, the Middle East energy analyst for IHS Global Insight, the international...
  • Second Iraq Oil Licensing Round to Offer 14 Fields

    12/01/2008 1:42:02 PM PST · by thackney · 7 replies · 244+ views
    Dow Jones Newswire via Rig Zone ^ | December 01, 2008 | Spencer Swartz
    Iraq will offer 14 oilfields in a second licensing round expected to be announced by the end of this year or in early 2009, a senior Iraqi official said Monday. Abdullah al-Amir, an oil advisor to Iraqi Prime Minister Nouri al-Maliki, didn't name which fields nor provide details on what sort of terms might be on offer to foreign companies. "The second licensing round will offer 14 oilfields," al-Amir told an Iraq petroleum conference here.
  • Shell Considering Oil Projects in Iraq

    11/25/2008 7:09:07 PM PST · by St. Louis Conservative · 1 replies · 237+ views
    Neftegaz ^ | November 25, 2008 | Staff
    Royal Dutch Shell Plc, Europe's largest oil company, is examining possible oilfield projects in Iraq as the nation prepares to issue exploration permits next year, Chief Executive Officer Jeroen van der Veer said today. Shell may bid for Iraqi fields in the first half of 2009, van der Veer told reporters at a conference in London. Iraq expects to award contracts by June in its first oil-licensing round since the U.S. invasion in 2003, Oil Minister Hussain al- Shahristani said last month. "They've just issued the rules on how to bid,'' van der Veer said. "It's quite complicated; we will...
  • Schumer, Kerry, McCaskill Want Rice to Intervene in Iraq Oil Deals

    10/19/2008 7:20:19 AM PDT · by Billg64 · 24 replies · 1,034+ views
    The New York Observer ^ | june 24,2008 | katherine jose
    ...Chuck Schumer, along with Claire McCaskill and John Kerry, responded quickly with a letter to Condoleezza Rice asking her to prevent the deals from going forward until there is an oil-revenue sharing law. Both Schumer and Kerry are on the Senate Finance Committee; Kerry and McCaskill are both surrogates for Barack Obama, whose campaign has been going after John McCain for McCain's new, oil company-friendly position on offshore drilling. Here's the release along with the letter (which, weirdly, doesn't include McCaskill's name at the end of it). SCHUMER, KERRY & McCASKILL SEEK TO BLOCK BIG OIL’S NO-BID CONTRACTS IN IRAQ...
  • Iraq Lays Out Plans for First Oil-Bid Round

    10/13/2008 1:29:09 PM PDT · by thackney · 9 replies · 372+ views
    Dow Jones Newswire via Rig Zone ^ | October 13, 2008 | Spencer Swartz
    Iraqi Oil Minister Hussain al-Shahristani laid out details Monday of the country's first- ever oil licensing round, and said the national government will have firm control over several oil fields that will be jointly developed with foreign companies. Shahristani said Iraqi state-run entities will have 51% control in projects to rehabilitate six oil fields already producing crude and two natural gas fields yet to be developed. Foreign companies will have 49% in projects and operate under fee-based service contracts.
  • Thanks to three Democrat American senators, China will be pumping Iraqi oil

    Thanks to three Democrat American senators, China will be pumping Iraqi oil Read it and weep. No Oil for Blood by Frederick W. Kagan. We have been thoughly infiltrated and route. If Obama snatches the White House ........... it's over. Over at the Weekly Standard (hat tip ejo) One would have thought that leading Democratic senators who claim to be interested in finding other sources of funding to replace American dollars in Iraq, in helping Iraq spend its own money on its own people, and in lowering the price of gasoline for American citizens, would have been all for it....
  • No Oil for Blood: Thanks to three American senators, China will be pumping Iraqi oil.

    09/17/2008 10:17:29 AM PDT · by Winged Hussar · 40 replies · 414+ views
    weeklystandard.com ^ | 09/16/2008 | Frederick W. Kagan
    One would have thought that leading Democratic senators who claim to be interested in finding other sources of funding to replace American dollars in Iraq, in helping Iraq spend its own money on its own people, and in lowering the price of gasoline for American citizens, would have been all for it. Instead, Senators Chuck Schumer, John Kerry, and Claire McCaskill wrote a letter to Secretary of State Rice asking her "to persuade the GOI [Government of Iraq] to refrain from signing contracts with multinational oil companies until a hydrocarbon law is in effect in Iraq." The Bush administration wisely...
  • No Oil for Blood--Thanks to three American senators, China will be pumping Iraqi oil.

    09/17/2008 5:31:51 AM PDT · by SJackson · 18 replies · 373+ views
    The Weekly Standard | Frontpagemagazine ^ | September 17, 2008 | Frederick W. Kagan
    Yesterday morning, I had the honor of testifying before the House Budget Committee on the situation in Iraq. The discussion was polite and civilized, and was a reminder that even now it is possible for people who disagree about what to do in Iraq to argue without raised voices and disagreeable language (apart from the Code Pink women, yelling for those who think that shouting opponents down is preferable to arguing with them). Congressman Brian Baird once again demonstrated that it is possible even for those who bitterly opposed the war to recognize the importance of doing the right thing...
  • Iraq Cancels Six No-Bid Oil Deals

    09/11/2008 9:56:40 AM PDT · by fella · 14 replies · 309+ views
    RigZone ^ | 9/11/2008 | United Press International
    Iraq Cancels Six No-Bid Oil Deals United Press International 9/11/2008 URL: http://www.rigzone.com/news/article.asp?a_id=66533 The Iraqi government said it has canceled six oil contracts with foreign companies that were awarded in June in a no-bid arrangement. One-year contracts with Shell, Chevron, Total, BP, ExxonMobil and others, meant to increase Iraqi oil production by a 500,000 barrels a day, were canceled after Democratic U.S. senators complained the deals could interfere with Iraqi efforts to pass an energy policy law and reach a revenue-sharing agreement among Kurds, Sunnis and Shiites, The New York Times reported Thursday. To go ahead with the no-bid contracts "would...
  • Iraq oil contract for Chinese firm

    09/11/2008 6:30:05 AM PDT · by jessduntno · 6 replies · 110+ views
    Arab News ^ | 30 August 2008 | Editorial
    Iraq oil contract for Chinese firm THE significance of the success of China’s state-owned CNPC in winning the first big oil contract awarded by the Iraqi government is not yet clear. Some analysts believe the $3 billion 20-year deal to develop and run the Ahdab field in Wasit province, 100 miles south of Baghdad, is a worrying marker for Western oil majors jockeying for position to win other contracts to develop Iraq’s oil and gas fields and neglected hydrocarbon infrastructure. Though the full details are not yet released, the Chinese appear to have accepted far tougher terms over the field...
  • Iraq cancels six no-bid oil contracts (Our Senate scuttled these contracts)

    09/11/2008 6:11:22 AM PDT · by saganite · 22 replies · 170+ views
    International Herald Tribune ^ | September 11, 2008 | Andrew E. Kramer and Campbell Robertson
    An Iraqi plan to award six no-bid contracts to Western oil companies, which came under sharp criticism from several United States senators this summer, has been withdrawn, participants in the negotiations said on Wednesday. Iraq's oil minister, Hussain al-Shahristani, told reporters at an OPEC summit meeting in Vienna on Tuesday that talks with Exxon Mobil, Chevron, Shell, Total, BP and several smaller companies for one-year deals, which were announced in June and subsequently delayed, had dragged on for so long that the companies could not now fulfill the work within that time frame. The companies confirmed on Wednesday that the...
  • Iraq Oil Minister: 'Iraq Now Pumping 2.5MM B/D of Oil'

    09/09/2008 8:28:23 AM PDT · by thackney · 15 replies · 238+ views
    Dow Jones Newswire via Rig Zone ^ | Sept. 9, 2008 | Dow Jones Newswires
    The oil price is fair at current levels above $100 a barrel, Iraqi oil minister Hussein al-Shahristani said Tuesday. The Iraqi oil minister also mentioned that Iraq is now producing 2.5 million barrels a day and aims to increase that level to pump 2.7 million barrels a day by the end of this year, Shahristani said. OPEC, gathering for its third meeting of the year on Tuesday, is widely expected to hold output steady as it surveys oil prices that have fallen sharply over the past few months. Shahristani said the government has approved an agreement with Shell to jointly...
  • Shell Agrees to Landmark $4B Gas Deal with Iraq

    09/09/2008 7:45:39 AM PDT · by thackney · 9 replies · 158+ views
    AFX via RigZone ^ | September 09, 2008 | AFX News Limited
    Anglo-Dutch energy giant Royal Dutch Shell has agreed a gas joint venture with Iraq worth up to $4 billion, the Iraqi oil ministry and the Financial Times said on Tuesday. The deal, which will see the gas extracted from Iraqi fields being both sold in Iraq and abroad, will be signed next month, ministry spokesman Assem Jihad told Agence France-Presse. Shell will become the first Western oil group to sign a deal with Baghdad since the U.S.-led invasion of 2003, with a venture the FT estimated to be worth about $4 billion. Iraq's cabinet has agreed to the contract, which...
  • China marches past USA to stake a claim to Iraq's oil

    09/07/2008 9:44:24 PM PDT · by bruinbirdman · 33 replies · 541+ views
    The Telegraph ^ | 9/7/2008 | Damien McElroy in Acre, Iraq
    China has secured Baghdad's first post-Saddam Hussein oil deal by reviving a 1997 concession to exploit reserves on the al-Ahdab field south of the capital. The two countries are expected to formally sign an agreement later this month that will earn the state-controlled China National Petroleum Corp (CNPC) a fixed price for every barrel it produces in Iraq. While China opposed the Iraq war and stood back from post-war rebuilding, Beijing has quietly outflanked its global rivals to grab a large slice of Iraq's oil industry. The pioneers of its overseas quest for fuel are already exploring vast tracts in...
  • China marches past USA to stake a claim to Iraq's oil

    09/07/2008 5:25:35 PM PDT · by sidewinder009 · 20 replies · 258+ views
    telegraph ^ | 07 Sep 2008 | Damien McElroy
    China has secured Baghdad's first post-Saddam Hussein oil deal by reviving a 1997 concession to exploit reserves on the al-Ahdab field south of the capital. The two countries are expected to formally sign an agreement later this month that will earn the state-controlled China National Petroleum Corp (CNPC) a fixed price for every barrel it produces in Iraq. While China opposed the Iraq war and stood back from post-war rebuilding, Beijing has quietly outflanked its global rivals to grab a large slice of Iraq's oil industry. The pioneers of its overseas quest for fuel are already exploring vast tracts in...
  • Iraq reaches oil agreement with China

    09/02/2008 1:12:02 PM PDT · by BGHater · 28 replies · 381+ views
    Reuters ^ | 28 Aug 2008
    Iraq and China have agreed on the terms of a $3 billion oil service contract, the Iraqi oil minister said Wednesday, announcing his country's first major oil contract with a foreign company since the fall of Saddam Hussein. The oil minister, Hussain al- Shahristani, warned that time was running out for big Western oil companies, which have pressed for years for Iraqi contracts, to seal even short-term deals that had been expected to mark their return to Iraq, which has the world's third-largest oil reserves after Saudi Arabia and Iran. Iraq and the Chinese state-run oil company, CNPC, have agreed...
  • Iraq signs $3B oil deal with China

    08/30/2008 7:26:48 AM PDT · by DemonDeac · 22 replies · 603+ views
    " 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 Oil Progress

    08/21/2008 1:12:48 PM PDT · by kellynla · 5 replies · 90+ views
    weekly standard ^ | 08/25/2008, Volume 013, Issue 46 | Michael Makovsky
    It is now widely accepted that the surge in American troops helped dramatically improve security in Iraq in the last year. But there has been less notice of, or comment on, how the surge has improved the Iraqi oil sector, which contributes more than two-thirds of the country's gross national product and almost 95 percent of the government's revenue, and remains pivotal to the country's development and stabilization. Oil production has risen about 25 percent in Iraq in the past year. It had been flat from 2005 through mid-2007, hovering around 2 million barrels per day before beginning to climb...
  • Iraq Resumes Oil Exploration After 20-Year Break

    08/11/2008 6:42:04 AM PDT · by thackney · 32 replies · 46+ views
    Rig Zone ^ | August 08, 2008 | Xinhua Financial News
    Iraq said on Friday it was resuming exploration of its immense oil reserves after a break of nearly 20 years because of crippling UN sanctions. "Today the Iraqi oil ministry celebrates a return to work by Iraqi oil exploration teams after 20 years of interruption," ministry spokesman Assim Jihad told AFP. Oil Minister Hussein Hussein al-Shahristani will attend a ceremony to mark the event at the Al-Garraf near Nasiriyah 350 kilometres (220 miles) south of Baghdad, Jihad said. He said the ministry would deploy three exploration teams trained abroad in the latest techniques. Iraq hopes the squads will uncover deposits...
  • Iraq's Budget Surplus Scandal (Christopher Hitchens)

    08/11/2008 4:41:10 AM PDT · by saganite · 7 replies · 244+ views
    Slate ^ | Aug. 11, 2008 | Christopher Hitchens
    One day I will publish my entire collection of upside-down Iraq headlines, where the true purport of the story is the inverse of the intended one. (Top billing thus far would go to the greatest downer of them all: the tale of Iraq's unemployed gravediggers, their always-insecure standard of living newly imperiled by the falling murder rate. You don't believe me? Wait for the forthcoming anthology.) While you wait, you might consider last week's astonishing report about the Iraqi budget surplus and the way in which the report was reported. Largely attributable to the bonanza in oil prices, to new...
  • Iraq resumes oil exploration after 20-year break

    08/09/2008 5:58:13 AM PDT · by decimon · 5 replies · 120+ views
    AFP ^ | Aug 8, 2008 | Basem Alrekabi
    BAGHDAD (AFP) - Iraq said on Friday it was resuming exploration of its immense oil reserves after a break of nearly 20 years due to crippling UN sanctions, saying it hopes to double its proven deposits of crude.
  • Marines Target Oil Smuggling Criminals, Protect Citizens

    08/07/2008 4:34:23 PM PDT · by SandRat · 1 replies · 101+ views
    Multi-National Force - Iraq ^ | Cpl. Ryan L. Tomlinson, UMC
    UM AL WAZZ — Western al-Anbar province was one of the most dangerous areas in Iraq in recent years, and Marine units operating there have encountered threats ranging from improvised explosive devices to small-arms firefights. Delta Company, 4th Light Armored Reconnaissance, 2nd LAR Bn., Regimental Combat Team 5, has come across a different threat, however: oil smuggling. “It’s been passed down from the regiment that there is a threat of insurgents utilizing oil smuggling to transport and fund their operations,” said Capt. Joseph C. Maher, Delta Co. commander. “These towns are like home ground for smuggling, and we’re here to...
  • Turf War Hits Iraq's Oil Industry, Baghdad Ousts Executive Who Boosted Production Despite Odds

    07/30/2008 10:28:14 AM PDT · by Fred · 4 replies · 89+ views
    WSJ ^ | 073008 | GINA CHON
    BAGHDAD -- A political turf war is threatening the stability of Iraq's biggest cash cow: the embattled but so-far dependable South Oil Co. After chasing gunmen off the streets of the southern oil city of Basra this year, Iraq's central government is trying to reassert control over South Oil, the state-owned oil company based there. In May, Baghdad said it was reassigning the company's top executive, Jabber el-Leaby, to an advisory position at the Oil Ministry -- a move many observers see as a demotion. Mr. Leaby is widely credited by U.S. officials and Iraqi oil technocrats with having led...
  • Push for Oil Exports Highlights Iraqi Navy’s Security Role

    07/23/2008 4:24:38 PM PDT · by SandRat · 3 replies · 63+ views
    WASHINGTON, July 23, 2008 – Iraq’s fledgling navy is gaining prominence within its country’s security forces due to its role in protecting the nation’s oil infrastructure, a coalition advisor said July 22. British Royal Navy Capt. Paul Abraham, director of the Maritime Strategic Transition Team and senior advisor to the Iraqi navy, explained during a conference call with military bloggers that in addition to quickly expanding their naval force, Iraqi marines and sailors also are fast moving into a lead role in defending Iraq’s major ports and oil terminals from insurgent attack. “The Iraqi navy's aim is to be able...
  • Iraq's Oil Surge

    07/04/2008 7:37:32 PM PDT · by shrinkermd · 15 replies · 144+ views
    Wall Street Journal ^ | 5 July 2008 | Editorial Staff
    Here's a thought experiment: Assume that Iraq's democratic government declared it was nationalizing its oil industry while excluding American companies from the country. How do you think U.S. politicians would react? With angry cries of "ingratitude" and "this is what Americans died for"? Of course they would, led no doubt by that critic for all reasons, Senator Chuck Schumer of New York. So it is passing strange that Mr. Schumer and other Senators are now assailing Iraq precisely because it is opening up to foreign oil companies, especially to U.S. majors like Exxon Mobil and Chevron. For some American pols,...
  • Independence Day and The Politics of Oil

    07/04/2008 7:20:32 AM PDT · by K-oneTexas · 3 replies · 49+ views
    Townhall.com ^ | July 03, 2008 | Matt Towery
    Independence Day and The Politics of Oil Matt Towery Oil and gasoline are on everybody's minds as Americans take to the roads for the July Fourth holiday weekend. John McCain has taken the subject head-on with his proposal to allow individual states to choose how and whether to increase oil and natural gas drilling off their coastlines. But first let's take a peek at Iraq. Its government recently awarded several major oil companies the rights to drill in Iraq. Accusations flew that the Bush administration played favorites with the American oil companies up for consideration to drill, but it was...
  • Waxman: State Dept. ‘misleading’ on Hunt Oil deal

    07/02/2008 3:11:50 PM PDT · by smithone · 18 replies · 102+ views
    The HIll ^ | 6/2/08 | Joey Michalakes
    Rep. Henry Waxman (D-Calif.) accused the State Department Wednesday of issuing “misleading” denials regarding its involvement in Hunt Oil’s controversial contract with the Kurdistan Regional Government (KRG). Waxman, chairman of the House Committee on Oversight and Government Reform, also alleged that the results of his panel’s investigation raised serious questions as to the role the State Department played in the recently reported no-bid contracts between the Iraqi Ministry of Oil and prominent U.S. and multinational oil corporations. In a letter to Secretary of State Condoleezza Rice, Waxman demanded that her office hand over all communications on the negotiation of the...
  • Big Oil Chutzpah

    07/02/2008 8:46:07 AM PDT · by HawaiianGecko · 27 replies · 113+ views
    National Review ^ | 7/2/2008 | NRO editors
    We’re surprised that Sen. Chuck Schumer can keep straight which foreign countries he’s haranguing to pump more oil and which he’s haranguing to stop pumping more oil. A few weeks ago the New York senator and aspiring global Petroleum Czar was threatening to block arms sales to Saudi Arabia if it didn’t produce more oil. Now, he’s outraged that the Iraqi government may give modest no-bid service contracts to Western oil companies as a first step toward more fully exploiting the country’s vast oil reserves. Perhaps Sen. Schumer would approve if the Saudis were to agree to pump the Iraq...
  • Let Iraq's Oil Flow

    06/30/2008 5:25:20 PM PDT · by Kaslin · 7 replies · 95+ views
    IBD Editorials ^ | June 30, 2008
    Energy: A free Iraq has invited foreign oil companies to bid on its massive oil fields. Why do Democratic senators want the U.S. to thwart the will of the people in the country we liberated?It's too bad so many Americans have been conditioned by the powers of this country's media establishment into believing that oil is a filthy, diabolical substance — rather than the lifeblood of today's economy on which our national security and economic well-being depend. What the people of Iraq, through their free government, did this week is something both Iraqis and Americans can be proud of: Baghdad...
  • Iraq throws open door to foreign oil firms (Unpatriotic Democrats extremely upset)

    06/30/2008 11:15:58 AM PDT · by tobyhill · 14 replies · 101+ views
    Washington Post ^ | 6/30/2008 | Ahmed Rasheed/Reuters
    BAGHDAD (Reuters) - Iraq opened its giant oilfields to foreign firms on Monday, putting British and U.S. companies in pole position five years after U.S.-led troops invaded the country to oust Saddam Hussein. The move to invite bids for the development of Iraq's largest producing fields should mark the return of the oil majors, whose cash and expertise Iraq needs to restore its oil infrastructure that has been hard hit by sanctions and war. But any awards to U.S. and British firms could anger opponents of the invasion, who have said the 2003 war was designed to give Western oil...
  • Iraq fails to sign contracts with global oil majors

    06/30/2008 7:36:51 AM PDT · by Blue Turtle · 7 replies · 53+ views
    Iraq said on Monday it has failed to sign technical support agreements with global oil majors which were aimed at helping boost the war-torn country's oil production. Iraq is negotiating with Shell, BP, ExxonMobil, Chevron and Total, and a consortium of other smaller oil companies, Oil Minister Hussein al-Shahristani said at press briefing.
  • Iraq to sue oil-for-food suspects

    06/29/2008 2:55:11 PM PDT · by Sub-Driver · 25 replies · 521+ views
    Iraq to sue oil-for-food suspects The Iraqi government has said it will file lawsuits in US courts against firms and people suspected of illegally profiting from a UN programme. The UN oil-for-food programme allowed Saddam Hussein's government to sell oil in order to buy humanitarian supplies during UN sanctions from 1996-2003. An inquiry found that 2,200 firms paid $1.8bn in bribes to Iraqi officials. Meanwhile, a US army report has said there was little planning for events after Saddam Hussein was overthrown. Iraqi government spokesman Ali al-Dabbagh said in a statement that the legal action was to recover damages and...
  • Iraq to sue U.N. over oil-for-food

    06/28/2008 12:14:43 PM PDT · by BGHater · 34 replies · 343+ views
    UPI ^ | 27 June 2008 | UPI
    Iraq plans to file suit in a U.S. court against the United Nations for alleged corruption in the oil-for-food program, Iraqi legal sources said Friday. The United Nations established the program in 1995 to allow Iraq to sell oil to global markets in exchange for food and humanitarian supplies without generating revenue to rebuild the Iraqi military in the wake of the Persian Gulf War. The program ended shortly after the U.S. invasion of Iraq, when the Coalition Provisional Authority assumed responsibility for humanitarian functions. An investigation by the congressional investigative body the Government Accountability Office found loopholes in the...
  • Exxon Mobil, Shell, Total and BP return to Iraq

    06/27/2008 11:47:16 PM PDT · by bruinbirdman · 5 replies · 276+ views
    The Telegraph ^ | 6/28/2008 | James Hider in Baghdad
    It was meant to be the rising tide that would lift the Iraqi economy out of years of war and sanctions, to finance reconstruction and guarantee cheap global supplies. Yet, five years on, big oil is only just starting to move cautiously into Iraq and, despite record prices, experts caution against another false dawn of optimism. Four oil giants - Exxon Mobil, Shell, Total and BP - are to announce next week no-bid contracts to start servicing the creaking Iraqi oil infrastructure, crippled for decades by lack of investment and often targeted by insurgents. The deals came as the Oil...
  • Democrats in Senate Seek to Block Deals for Iraqi Oil (Democrats want high oil and gas prices!)

    06/24/2008 1:30:11 PM PDT · by tobyhill · 69 replies · 80+ views
    ny times ^ | 6/24/2008 | JAMES GLANZ
    A group of Democratic senators led by Charles E. Schumer of New York is appealing to Secretary of State Condoleezza Rice to block a set of contentious no-bid oil contracts that Iraq has decided to award to the Western oil giants Exxon Mobil, Shell, Total and BP. And if that appeal, which Mr. Schumer’s office said it faxed in the form of a letter to the State Department on Monday afternoon, is not heeded, the senators will try to cut off financing for as-yet-unspecified programs in Iraq that are not directly in support of American troops, Mr. Schumer said in...
  • Iraq to award oil contracts to foreign firms (Gratitude? What is that?)

    06/22/2008 11:25:38 AM PDT · by SkyPilot · 52 replies · 242+ views
    Brietbart ^ | 22 June 08 | None
    Iraq will award contracts to 41 foreign oil firms in a bid to boost production that could give multinationals a potentially lucrative foothold in huge but underdeveloped oil fields, an official said on Sunday. "We chose 35 companies of international standard, according to their finances, environment and experience, and we granted them permission to extract oil," oil ministry spokesman Asim Jihad told AFP. Six other state-owned oil firms from Algeria, Angola, Pakistan, Thailand, Turkey and Vietnam will also be awarded extraction deals, Jihad said. The agreements, to be signed on June 30, are expected to be short-term arrangements although the...
  • Iraq may supply gas to Europe

    06/21/2008 11:54:08 AM PDT · by Ernest_at_the_Beach · 55 replies · 65+ views
    Al Jazeera ^ | Thursday, June 19, 2008 07:32 Mecca time, 04:32 GMT | Al Jazeera
    Getty Image Iraq may supply gas to Europe via an extensive pipeline network connecting Syria and Turkey************************** Iraq may supply gas to Europe via an extensive pipeline network connecting Syria and Turkey [GETTY] Iraqi energy experts have told Al Jazeera that oil and gas fields in the western Anbar province may soon begin pumping gas to European markets.Mukhtar al-Ani, an Iraqi oil consultant, said: "In early January, the Ministry of Oil held talks with a number of potential companies regarding development of the huge Akkas gas field in the north-western desert of Anbar province."According to the ministry, Akkas, which lies 40km from...
  • Big Oil's slick no-bid contracts will keep us mired in Iraq

    06/20/2008 5:56:43 PM PDT · by Oshkalaboomboom · 30 replies · 133+ views
    Atlanta Journal Constitution ^ | 06/20/08 | Cynthia Tucker
    Didn't you just know this was coming? A consortium of Western oil companies — the very definition of Big Oil — is on the verge of receiving no-bid contracts in Iraq, giving them access to one of the most sought-after prizes in the petroleum industry, according to The New York Times. Can it be mere coincidence that the leading companies in the deal — ExxonMobil, Shell, BP and Total — are the very same companies that Saddam Hussein threw out when he nationalized the Iraqi oil industry more than three decades ago? The American public has been reassured, repeatedly, that...
  • Bush's "war for oil" about to pay off - finally!

    06/19/2008 11:23:46 AM PDT · by mnehring · 14 replies · 71+ views
    Many in the wacko wing of the anti-war movement - which includes a few Congress critters - have claimed that the Iraq war was all about Bush’s oil buddies.Well, I’m glad to at least see that part is working out: Four Western oil companies are in the final stages of negotiations this month on contracts that will return them to Iraq, 36 years after losing their oil concession to nationalization as Saddam Hussein rose to power. American involvement in rebuilding Iraq’s oil inustry is good news for both countries - the U.S. companies now have a replacement for lost markets...
  • Deals With Iraq Are Set to Bring Oil Giants Back

    06/18/2008 7:59:34 PM PDT · by kellynla · 16 replies · 90+ views
    International Herald Tribune ^ | June 19, 2008 | Andrew E. Kramer
    BAGHDAD: Four Western oil companies are in the final stages of negotiations this month on contracts that will return them to Iraq, 36 years after losing their oil concession to nationalization as Saddam Hussein rose to power. Exxon Mobil, Shell, Total and BP — the original partners in the Iraq Petroleum Company — along with Chevron and a number of smaller oil companies, are in talks with Iraq's Oil Ministry for no-bid contracts to service Iraq's largest fields, according to ministry officials, oil company officials and an American diplomat. The deals, expected to be announced on June 30, will lay...
  • Iraq hits milestones on U.S. troop deaths and oil

    06/01/2008 3:02:51 PM PDT · by shove_it · 3 replies · 95+ views
    Yahoo! via Reuters ^ | 6/1/2008 | Ross Colvin
    U.S. troop deaths in Iraq fell to their lowest level last month since the 2003 invasion and officials said on Sunday improved security also helped the country boost oil production in May to a post-war high. U.S. Defense Secretary Robert Gates and Iraq's oil minister credited better security for the two milestones, which illustrated a dramatic turnabout in the fortunes of a country on the brink of all-out sectarian civil war just 12 months ago. "We've still got a distance to go but I think lower casualty rates are a reflection of some real progress," Gates told reporters in Singapore....