Oil Development Plans Meet With Resistance In Iraq

by NPR (reposted)

Mon, Jun 30, 2008 9:02PM

Monday, June 30, 2008 : Iraq's Oil Ministry announced Monday that it is opening six prime oil-producing regions to long-term development by international oil companies. Iraqi opposition leaders have denounced the plans, saying they put the country's oil wealth into Western hands.

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For more information: http://www.npr.org/templates/story/story.p...

§Iraq to award oil contracts

by Al Jazeera (reposted)

Mon, Jun 30, 2008 9:03PM

Monday, June 30, 2008 : Foreign firms set to return after 36 years to develop Iraqi oil fields.

The Iraqi oil ministry is expected to announce on Monday the deals with companies such as Shell, ExxonMobil, Chevron, Total and BHP Billiton, Asim Jihad, an oil ministry spokesman, said.

The ministry also plans to sign contracts with 41 other foreign companies for extracting oil, Jihad said.

However, these are expected to be short-term arrangements.

The contracts do not allow investments by the foreign companies in the oil sector but do pave the way for global energy giants to return to Iraq, 36-years after being told to leave by Saddam Hussein, Iraq's former ruler.

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The move is also seen as a first step to access the third largest proven crude oil reserves on the planet.

Jihad said the selected companies will have the first right to develop the fields once competitive bidding comes after the nation's long-delayed hydrocarbons law is passed by parliament.

Iraq wants to increase oil output by 500,000 barrels per day (bpd) from the current average production of 2.5 million bpd, equal to the amount being pumped before the US-led invasion in March 2003.

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§Iraq's oil fields open to bidders

by more

Mon, Jun 30, 2008 9:12PM

BAGHDAD, Iraq (CNN) -- Iraq's oil minister Monday opened international bidding on six oil fields that could increase the country's oil production by 1.5 million barrels per day.

But the oil ministry continues to negotiate short-term no-bid contracts with several U.S. and European oil companies -- a step recently criticized by two U.S. lawmakers.

Oil Minister Hussein Shahrastani announced Monday that 35 international oil companies can bid on long-term contracts for redeveloping the six oil fields, as well as two natural gas fields.

More
http://money.cnn.com/2008/06/30/news/international/iraq_bids/index.htm?cnn=yes

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