Texas Co. Signs Iraq Oil Deal With Kurds

With No National Iraq Oil Law Passed, Kurdistan Region Makes Its Own Rules

(CBS/AP)  Texas' Hunt Oil Co. and Kurdistan's regional government said they have signed a production-sharing contract for petroleum exploration in the Kurdistan region of northern Iraq, the first such deal since the Kurds passed their own oil and gas law in August.

A Hunt subsidiary, Hunt Oil Co. of the Kurdistan Region, will begin geological survey and seismic work by the end of 2007 and hopes to drill an exploration well in 2008, the parties said in a news release Saturday. Terms of the deal were not disclosed.

Hunt is a privately-held independent oil company based in Dallas, Texas. A third partner, Impulse Energy Corp., also has a stake in the project.

"We're very pleased to have the opportunity to be a part of these landmark events by actively participating in the establishment of the petroleum industry," Ray L. Hunt, Hunt's CEO, said in a statement.

Hunt, who is also on the board of Halliburton, has been a key fundraiser for President George W. Bush, who named him to the President's Foreign Intelligence Advisory Board.

Revenue will be shared by the KRG throughout Iraq, consistent with the Iraq constitution and the Kurds' new petroleum law, issued by the Kurdistan National Assembly early last month.

Despite Iraq's vast oil reserves, major international companies have sat on the sidelines, not only for security reasons but because of the absence of legislation governing the industry and offering protection for investments.

A draft oil law for all of Iraq has been bogged down for months, in part because of disputes over who will control the proceeds.

In August, however, the Kurdish self-governing region in northern Iraq enacted its own law governing foreign oil investments. The move angered the central government in Baghdad, but the Kurds are determined to push ahead with oil exploration.

Ashti Hawrami, the regional government's minister of natural resources, said in a statement that the signing by Hunt is evidence the government's new oil and gas law has created "a supportive and transparent business environment which promotes investment by international oil companies in our region for the benefit of all."

Associated Press Business Writer John Porretto and the AP's Robert H. Reid in Baghdad contributed to this report.

[olgreyghost]

watcher269:

Won''t work. Most of U.S. military personnel are from Texas and most of its firepower is in Texas. The Bushites are transplanted Yankees and we were glad to be rid of them. And yes, I''m not an American, I''m a Texan...

[doggiebone2]

Why is congress not talking about this oil law? The media should be talking about these Texan oil company stealing the oil in Iraq.

[watcher269-2009]

I say the US has it all wrong in attacking countries in the Middle East! Look at this - the 3 last war mongering Presidents and 1 Vice President have been from Texas - Johnson, Bushite 1 and Bushite 2. The people of the US are getting Raped by the Oil Companies - wow - mostly all based in Texas! Texas got far better Hurricane assistance then any other state except Florida. Most of the Government war contracts are given to Texans! When you ask a Texan ( this is a fact - I''ve done it many times) what are they - They say Texan, they Don''t say American - they say Texan - it''s like they are in their own country. I say the US should Attack Texas! Wipe Texas off the map and start again! Then watch America be America again!!!!!

[lochlan-2009]

Whenever the words oil and Texas are in the same sentence, corruption is not far away. Especially when it has to do with the middle east.

[barbaraf4]

"The Kurds will fall-through on their part of the deal, whatever it is. Hunt will be left holding the bag of debt."
~~~~~
It''s *all* about money and power. Don''t believe, for one minute, that "Hunt will be left holding the bag of debt". I promise you that the fix is in. We taxpayers will shoulder the debt.

[johnny343sc]

From my experience dealing with Kurds in the Iraq War, you can sign all the deals with them you want, but Iraqis are very disorganized and tribal as they lack strong central authority out of their tribalness
- Prediction on this one: The Kurds will fall-through on their part of the deal, whatever it is. Hunt will be left holding the bag of debt.

We Westerners continually overestimate any country in the Middle East. They have no allegiance to foreigners because we are infidels. Why can''t people in America and Europe see that? Make all of the deals you want with them- Iran, Iraq et al., and you''ll only come-up empty-handed.

A hearty ''thank you'' to "Conspiracy Broadcasting System" for mentioning their stated "fact" that Hunt has ties to Bush. Perhaps it was only Bush that could persuade the company to invest over in Iraq, seeing as how no companies want to invest in Iraq''s future and that is exactly what needs to happen- ever think of that one?

Regardless, foreign investment will be one of the major factors that helps cure Iraq''s economic ills. I don''t care if it is linked to Bush or Cheney. Neither should anyone else... someone always makes money off of war... Democrat, Republican or in-between.

You think Obama Bin Laden or Hell-ary aren''t bought by the establishment either?!?!? It''s all a racket of politicians trying to further their own political goals.

Wake-up and smell the stench of rotten politics! It''s with us whether you like it or not.

;)

[prinzowhales]

Members of the Hunt family have figured prominently in the expansion of fascism in America and the world. They were connected at the hip to Clint Murchison and elements within the shadows around the JFK assassination...back when Bush, Sr. was an up and coming mass murderer involved with his Zapata Corporation and the Miami CIA station that played such a prominent role in the attempt to overthrow the Cuban Revolution on behalf of organized crime and organized capital. (a George Bush of the CIA was even "briefed" on the assassination back in 1963, according to FBI records.)

H.L. Hunt was at the pre-assassination party at Clint Murchison''s Dallas home with other conspirators as noted by Madeleine Brown, LBJ''s mistress. It was here that LBJ squeezed her hand and told her that ''after tomorrow those G-- D-- Kenndys would not embarrass him again.''

Hunt, a financial backer of LBJ, and now a member of the Hunt family on the board of one of the biggest criminal corporations in America, once headed by "Shotgun" Cheney. It is no accident that Brown and Root, an LBJ backer and beneficiary of the ''Vietnam Experience'' is now a part of Halliburton, one of the prime beneficiaries of the carnage in Iraq.

[cruiser111-2009]

Can you say NEW WORLD ORDER? Global Economy. And yet again Halibuton surfaces in another scandolous big business deal. I think the families of all the dead or wounded service men and women should at least get a gasoline discount card. What a freakin shame. No wonder the rest of the world hates us. And what qualifications does this Hunt guy have in regards to intelligence? Is it like a hobby of his. I wonder what kind of salary this idiot is being paid. My 14 yr old probably knows more about intelligence than this guy. Bush and all the other Public officials are bought and paid for. I am surprised that these people aren''t listed as commodities on the Stock Exchange.

[mikekleber]

I bet Bush and Cheney get a chubby whenever a deal for oil is signed. Pigs

[samthetvcat]

"Hunt, who is also on the board of Halliburton, has been a key fundraiser for President George W. Bush, who named him to the President''s Foreign Intelligence Advisory Board."

These crooks are just shameless . . . disgusting!

* * * * *

"Revenue will be shared by the KRG throughout Iraq, consistent with the Iraq constitution and the Kurds'' new petroleum law, issued by the Kurdistan National Assembly early last month."

Way to cultivate goodwill to move warring factions towards reconciliation - NOT! Sunnis got shut out of future oil revenues in the Iraq constitution and isn''t that why they''re so pissed?