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Before and now- The Iraqi Oil Dealsposted by ewing2001 on Wednesday September 03, @03:11PMfrom the Bday.co.za dept.
The removal of President Saddam Hussein from power will most likely
reshuffle foreign participation in Iraq's oil sector which has been so
far off limit to US companies.
Iraq's oil production costs are amongst the lowest in the world, making
it a highly attractive oil prospect for foreign investment. Following is
the current state of oil contracts involving foreign participation,
compiled from past announcements and specialised publications.
(The fields below are known structures that are either producing below capacity, in need of repair or not developed at all.The drilling and repair works were authorised by the United Nations as they were financed by the _oil for food_ program. Production-sharing agreements (PSAs) and production and development contracts (DPCs) involve foreign investment and are therefore subject to the lifting of the UN sanctions imposed 12 years ago.)
According to the US Energy Information Administration, only 15 of Iraq's 73 discovered fields have been developed, because of wars and sanctions. Beside developing oil fields, Iraq has invited foreign investment in nine exploration blocks in the western desert, stretching from the border with Kuwait to that with Jordan that could add another 100 billion barrels to its proven 112 billion barrels of crude reserves. Three blocks were awarded, to ONGC in 2000, to Pertamina in 2002, and to Russia's Stroitransgas, in early 2003. Longdown Consultants -January 2003 "...contacts between Russia and Iraq in the last few days are said to have resulted in Stroitransgas-oil and Soyuzneftgaz signing agreements with the Iraqi oil ministry in Baghdad and LUKoil’s contract to develop the West Qurna-2 contract being reaffirmed. Apparently Stroitransgas-oil signed a deal for the exploration and development of oil fields in south-western Iraq (described as Block 4) and Soyuzneftgaz signed a deal to develop the southern Al-Rafidain oilfield. Cheney's list of Oil Projects in IraqThe documents, obtained by the public interest group Judicial Watch after a protracted court battle with the White House, show Iraq's oil fields, its major refineries and pipelines. The papers also list companies from countries that were interested in doing business with Saddam's regime, ranging from Algeria to Vietnam.
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