dubya's "blood-for-oil" bogus war starts to pay off

[boutons_]

In Biggest Oil Sale Ever, Iraqi Government to Put 40 Billion Barrels of Reserves Up For Grabs


"The biggest ever sale of oil assets will take place today, when the Iraqi government puts 40 billion barrels of recoverable reserves up for offer in London."

"Access is being given to eight fields, representing about 40 percent of the Middle Eastern nation's reserves, at a time when the country remains under occupation by U.S. and British forces."

"Al-Shahristani is expected to reveal some kind of "risk service agreements" that could run for up to 20 years, with formal offers to be submitted by next spring and agreements signed in the summer."

""Currently it is unclear which party in Iraq is authorized to award a contract and at the same time to deliver its side of the bargain," he said. "Any contract with an independent oil company will be subjected to opposition and possible revision after pressure by resource nationalists." "

""Why choose Shell when you could have chosen ExxonMobil, Chevron, BG or Gazprom?" he asked. "Shell appears to be paying $4 billion to get hold of assets that in 20 years could be worth $40 billion. Iraq is giving away half its gas wealth and yet this work could have been done by Iraq itself." "

http://www.alternet.org/module/printversion/102707

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Anybody got a corresponding article from Fox? :lol

[byrontx]

Bush, Cheney & Co. couldn't even pull off the oil grab after losing so many young American lives and a shitload of American money.

Here's an older CNN article showing that China is outmaneuvering us in Iraq.

Iraq signs $3 billion oil deal with China

* Story Highlights
* Iraq signs $3 billion oil deal with Chinese national oil company
* Deal is first major contract with foreign company since fall of Saddam Hussein
* China National Petroleum Corporation to develop oil field in southern Wasit province
* Oil field expected to produce 125,000 barrels a day within three years

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.

CNN's Jomana Karadsheh contributed to this report.
http://www.cnn.com/2008/BUSINESS/08/30/iraq.china.oil.deal/index.html

[Anti.Hero]

It's about time.

[ElNono]

It's about time.

It's about time we stop spending billions a week in a country with a surplus and long term contracts like these.

[Anti.Hero]

Ehh what's a couple more billion.

[boutons_]

So anti.whore-o supports the blood-for-oil war and the payoff to US oilcos, none of which will trickle down to US oil consumers.