What Oil Companies Will Get in Iraq - TIME

News Type: Event — Seeded on Sat Jun 21, 2008 7:29 AM EDT

Article Source: TIME

After five grueling years of war, Iraq's most cherished prize — its mammoth hydrocarbon reserves — might finally be within reach of Western oil companies. Exxon Mobil, Shell, Total and BP appear set to win no-bid contracts allowing them to work in some of Iraq's rich oil fields. The negotiations between Iraqi officials and those companies, first reported in Thursday's New York Times, are for "technical support agreements" for two years and renewable for a third, rather than for lucrative contracts to pump oil out of the ground. Under the envisaged deals, the companies would help Iraqi oil managers overhaul decrepit operations and modernize their equipment in the hope of boosting Iraq's output by about 500,000 barrels a day — an increase of nearly 20% over the best days the Iraqi industry has had since the U.S.-led invasion in March 2003. At the current sky-high oil prices, that could bring in billions more every week for the Iraq government, which sorely needs funds to rebuild the country. And the companies

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{"commentId":2017100,"authorDomain":"freed"}

Freed

War...what is it good for? Absolutely huge profits for Bush's buddies...huh!

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#1 - Sat Jun 21, 2008 7:39 AM EDT

{"commentId":2019882,"authorDomain":"energynet"}

energynet

Here we are months before the end of the Bush era, and he's trying to lock oil deals in so that his buddies can screw the world a bit longer.

Iraq will be known as the start of a century of global energy wars.

{"commentId":2019882,"threadId":"295429","contentId":"1597424","authorDomain":"energynet"}

#2 - Sat Jun 21, 2008 6:31 PM EDT

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No Blood For er....Oil	Mathaba	Mon Jun 23	0
Iraq to award oil contracts to foreign firms	Brietbart	Mon Jun 23	1
Cheap vs Obsolete: Is the 'Oil Drilling Debate' Masking the Real Issue?	dailygalaxy.com	Sun Jun 22	1
These wars [Iraq, Afghanistan] are about oil, not democracy	torontosun.com	Sun Jun 22	6

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What Oil Companies Will Get in Iraq - TIME

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