11 Southern Iraqi Oil Fields To Go Up For Tender

Discussion in 'Commodity Futures' started by K.C., Jul 9, 2005.

  1. K.C.


    Baghdad, 8 July (AKI) - Eleven oil fields in southern Iraq, capable of boosting the country's production to three million barrels a day will soon be tendered to international investors, the Iraqi oil ministry announced Friday. "The ministry needs legislation which will allow it to fix international work criteria with companies that are involved in petroleum investments," said the ministry's spokesman, Asim Jihad.

    "Iraq needs capital investments to develop its petroleum industry, he said, adding that the government had estimated that some 25 billion dollars in investments were required to boost oil production to 5-6 million barrels a day.

    Jihad also said that the government has no intention to privatise the oil sector, but would remain under state control.

    "We will seek foreign investments, that will allow us to develop our industry but without paving the way for foreign monopolies to take over," he said.

    Iraq currently produces 2.2 million barrels a day - with only 1.5 million of these for export - a situation determined by the suspension of operations in the country's southern areas after sabotage attacks.

  2. Great News. Hopefully prices will fall do to capitalisist making a profit by undercutting one another and hopefully the US military will get royalities from future oil extration to help pay for the Iraq war and cost for guarding the site.
  3. Mvic


    Great news. Iraq exit strategy just opened up.

    Have the duly elected Iraqi government ask (beg would be better) the US to stay and help it develop and guard the oil fields AND be compensated for it. If they refuse we just leave, if they don't our position there is not only given increased legitimacy but the burden for the cost of this operation is lifted even if only partially from the US TAX payers back.

    Gob Bless America.

  4. so why wouldn't china just gobble them up?

    could it be because China wants technology more than they actually want oil -- as in, they have the fields, they need to get the oil out?