I realize $3 billion is chump change in comparison to what the US spends in Iraq, in a month; but anyway.
"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, Oil Ministry spokesman Assim Jihad said.
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 al-Ahdab oil field, providing fuel for 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 said 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 be only 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."
We delivered the Iraqi people from tyranny so they could sell their oil to the Chinese. I find this entertaining.
"The GAO estimates that Iraq will earn $67 billion to $79 billion in oil sales this year, twice the average annual amount of revenue that it generated from oil sales from 2005 through 2007. This windfall comes despite the fact that Iraq is still struggling to approach pre-invasion oil-production levels. "
Location: South Central Sconny,Heart of the beer belt.
Posts: 169
Quote:
Originally Posted by whodat
I guess liberals can stop saying this war was about oil then.
Sweet!
I can go away for several months, and then come back to realize, that I have been living in fantasy land.
Do you really think that the situation in China is about liberals vs. the right?
I have news for you, it has very little to do with that. As it is right now China could crush our economy. Not just because we buy all of their crap, but more importantly, because they took serious loans from us and our companies. If they welch on their debts to us we are going to be in hot water. They are in a position to fuck with us.
Russia has an itchy trigger finger and they are no cupcake either.
Careful about what you wish for...
__________________
2000 Tundra Limited 4WD, nicest thing I have ever owned.
Danymel has a bunch of bagels he broughted to Pizom on leeshes and they barkening at our dags every mernings while cigarettes and coffin
I can go away for several months, and then come back to realize, that I have been living in fantasy land.
Do you really think that the situation in China is about liberals vs. the right?
I have news for you, it has very little to do with that. As it is right now China could crush our economy. Not just because we buy all of their crap, but more importantly, because they took serious loans from us and our companies. If they welch on their debts to us we are going to be in hot water. They are in a position to **** with us.
Russia has an itchy trigger finger and they are no cupcake either.
Careful about what you wish for...
__________________
'94 lockered FZJ80
"Fish and plankton and sea-greens and proteins from the sea" - BOX
They where shoved up your ass and you took it like a man
and said "please sir, can I have some more"
__________________
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A green and white 55, a gray 40 and a black monty YouTube - pig ride Off Road Runners
If the deal was cut with the US, Luke0 would've have posted it up as evidence that the US is out to steal the worlds oil...Ironic, thats all.
You have to wonder, though, if anyone in the Bush Administration meant "selling oil to our ideological enemy" when they decided "we" had to help Iraqis decide their own destiny.
__________________
'94 lockered FZJ80
"Fish and plankton and sea-greens and proteins from the sea" - BOX
You have to wonder, though, if anyone in the Bush Administration meant "selling oil to our ideological enemy" when they decided "we" had to help Iraqis decide their own destiny.
I can go away for several months, and then come back to realize, that I have been living in fantasy land.
Do you really think that the situation in China is about liberals vs. the right?
I have news for you, it has very little to do with that. As it is right now China could crush our economy. Not just because we buy all of their crap, but more importantly, because they took serious loans from us and our companies. If they welch on their debts to us we are going to be in hot water. They are in a position to fuck with us.
Russia has an itchy trigger finger and they are no cupcake either.
Careful about what you wish for...
actually we owe them, they bought up pretty much all our treasury bills and bush has gotten several loans from them, if they called either marker in we're bankrupt.
Location: South Central Sconny,Heart of the beer belt.
Posts: 169
Quote:
Originally Posted by fsusteve
actually we owe them, they bought up pretty much all our treasury bills and bush has gotten several loans from them, if they called either marker in we're bankrupt.
Actually, I've read that too. Either way, we have our backs against the wall with them.
__________________
2000 Tundra Limited 4WD, nicest thing I have ever owned.
Danymel has a bunch of bagels he broughted to Pizom on leeshes and they barkening at our dags every mernings while cigarettes and coffin
__________________
By Wobbles....."Well, ah wuz out noodlin' some ketfish, and ah seen one of my cuzzins coming down to the crick nekkid to take a bath. I sware to the gud lord I ain't never been randier then that in all mah lif
calstyl2
"LONG LIVE THE PIG" 
mark saved my cruiser
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