Big Oil Back To Iraq?
(CBS/iStockphoto)
The auction is taking place for the first time since Iraq nationalized its oil industry more than 30 years ago. Among top potential bidders are Exxon Mobil Corp., Royal Dutch Shell PLC, Italy's Eni SpA, Russia's Lukoil and China Petroleum & Chemical Corp. If all goes according to plan, the new contracts with foreign companies will help Iraq to stabilize six developed fields which have suffered because of the war.
Oil Minister Hussain al-Shahristani has expressed his commitment to staying on the deal despite lawmakers' concerns of legality of the contracts - believed by the parliament to have highly favorable terms for the foreign companies.
According to Wall Street Journal, the oil deal could be key to stablizing Iraq's economy and to its proposed plans to boost oil output from the current 2.4 million barrels a day to 4 million. The companies themselves, are also reported as being eager to receive the contracts due to Iraq's relativly unexplored reservoirs, with some considering the nation as the most important opening of petrolium fields in years. Only about 20 out of the known 80 oil fields have been developed.
Al-Shahristani has stated that the companies with the lowest rates and highest potential profit for Iraq will receive the contracts, according to the article.
Approximately 120 companies were interested in bidding. The contracts will last 20 years and the winning companies will begin work in November.
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No matter who is to blame for our situation, our nation is faced with an energy crisis that could cripple our nation. We must become energy independent on our own terms, or watch helplessly as we are forced out of the oil fields altogether by nations with money in their banks. The debtor nations like the US will be left in the dust as we will be left without the fuels we need to power our country.
The southwester states could easily supply all of the electricity the country needs from solar-thermal and solar-photovoltaic energy within twenty years. Our nation must QUICKLY change or it will perish in a sea of debt and dispair.
I think the world should destroy USA then come in a buy up all there tresures.
The worlds not dumb and after what the USA did with there greed they will never hold the power that they once did as the world is starting to level the playing field
This legislation failed the newly installed Iraqi Parliament instead the Iraqis opted to maintain control of their Oil and put production contracts out to bid.
This one fact that completely failed is evident that the President Cheney and Bush along with the Republican Party used US Tax $Dollars (Socialism) to have the Military invad and occupy Iraq to steal their OIL.
Iraq never needed the US, and still doesn't because ultimately they have the OIL.