Iraq: BP, Chinese win lucrative oil contractStory Highlights
Iraq awards lucrative oil contract to BP, China National Petroleum Corporation

The joint BP-CNPC bid was for the giant al-Rumeila oil field

Energy companies expected to increase production at the field by 50 percent
updated 1 hour, 25 minutes agoNext Article in World Business »



BAGHDAD, Iraq (CNN) –– Iraq awarded a lucrative oil contract to BP and China National Petroleum Corp., government spokesman Ali al-Dabbagh said Wednesday, while rejecting other companies' offers for other oil fields.


BP and China National Petroleum Corporation have won a lucrative oil contract in Iraq.

The joint BP-CNPC bid was for the al-Rumeila oil field, one of the largest in the world. The energy companies are expected to increase production at the oil field by 50 percent, to 285,000 barrels a day, for a service charge of $2 for each additional barrel produced, al-Dabbagh said in a statement.

The Iraqi government rejected bids for five other oil fields and a natural gas field because the bidders did not agree to the service charge set by the Ministry of Oil, he said.

The Ministry of Oil rejected the idea that the failure to award more than one contract made the much-anticipated auction a flop.

Iraq did not say how much the BP-CNPC bid was worth. It runs for 20 years.

Oil Minister Hussein Shahrastani chaired the government-sponsored auction for the oil and natural gas field contracts Tuesday, after a day's delay due to a sandstorm.

Much of the auction was broadcast live on state television, which Ministry of Oil spokesman Assem Jihad told CNN was a sign of the transparency of the process.

He said the government was satisfied with the auction, even though only one contract was awarded, because the contract was for Iraq's largest oil field.

Iraq plans to open bidding this year on 10 more oil fields and one natural gas field, all of which are undeveloped, Jihad said.

The companies whose bids were rejected Tuesday have been given time to review their offers, he said.

Iraq has some of the largest oil reserves in the world, with an estimated 115 billion barrels –– tying Iran for second place, behind Saudi Arabia's 264 billion barrels, according to estimates from the Energy Information Administration in the United States.

BP - British Company
China National Petroleum Corporation - Chinese Communist

Yup..... we went to Iraq for oil. Exxon, Mobile, and Haliburton are in control of the oil fields as we speak and the fact that as Americans I'm paying $3 a gallon for gas is all a grand conspiracy cooked up by Bush and Cheney too pocket trillions of dollars.

In case you haven't noticed, there are a couple BP stations in the US too.

5.56

Umm, you did notice that the auction was only of 1 oilfield, of course you did. There are SEVERAL be auctioned and this is only the first round. There will be subsequent auctions.

http://online.wsj.com/article/BT-CO-...30-709200.html

Oh and in case you forgot Bush/Cheney arent in Office anymore. So Haliburton and Mobile dont have quite the same pull the did when the neocons were in charge. There is a new sheriff in town...his name is Barak Obama.

As one of my uncles an ex Dunkirk vet said before he passed away, "If Iraq had been a field of corn, the Allies would never have gone in there."

Originally Posted by BritinAfrica

As one of my uncles an ex Dunkirk vet said before he passed away, "If Iraq had been a field of corn, the Allies would never have gone in there."

Precisely. There are countries FAR worse than Saddam. Myanmar, Somelia, Sudan, North Korea, and Zimbabwe come to mind off the top of my head. How come (to the neocon apologists) we didnt invade them first?

Remember Iraq has the 2nd largest oil reserve in the world and most of it is untapped. For what other reason would someone want to invade?

North Korea's somewhat untouchable because they hold Seoul hostage but as for Myanmar, Somalia and Sudan, there's hardly an excuse.

Originally Posted by mmarsh

Precisely. There are countries FAR worse than Saddam. Myanmar, Somelia, Sudan, North Korea, and Zimbabwe come to mind off the top of my head. How come (to the neocon apologists) we didnt invade them first?

Would it really matter which country the US "invaded" first. The US would be "pushing it's interests" in what ever country it "invades". Saying that the US is only interested in oil is rather narrow.

Immediately after WWII the US tried to revert to staying out of international politics but that did not work. The loss to communism of eastern European countries including Poland was the result. When the US finally stood up to Russian expansion, breaking the Berlin blockade, the US entered World Politics. Was this done just to keep Europe free or was it also to keep US "economic interests"?

Oil is only one of many interests the US has in foreign countries. Other major interests include promoting democracy and world trade.

If policy was dictated by oil companies then the US wouldn't be having problems drilling for it off it's own coasts. Or boiling it out of rock in the western states.

As far as North Korea we did invade them first. It is called the Korean War which is currently under a Truce.

Originally Posted by Chukpike

Would it really matter which country the US "invaded" first. The US would be "pushing it's interests" in what ever country it "invades". Saying that the US is only interested in oil is rather narrow.

Immediately after WWII the US tried to revert to staying out of international politics but that did not work. The loss to communism of eastern European countries including Poland was the result. When the US finally stood up to Russian expansion, breaking the Berlin blockade, the US entered World Politics. Was this done just to keep Europe free or was it also to keep US "economic interests"?

Oil is only one of many interests the US has in foreign countries. Other major interests include promoting democracy and world trade.

If policy was dictated by oil companies then the US wouldn't be having problems drilling for it off it's own coasts. Or boiling it out of rock in the western states.

As far as North Korea we did invade them first. It is called the Korean War which is currently under a Truce.

Actually, North Korea started that one.

The problem with the invasion of Iraq was that we have missed several chances to actually help other countries who have rebelled against leaders and/or been attacked, despite being our allies. And during the last administration, there were heavy pushes to start offshore drilling, but the people made enough of an uproar to prevent it from happening. The US Foreign policy has not always been for oil, but when an administration orders the invasion of a country that has that much oil, and many members of the administration were in oil, it's kind of suspicious.

Originally Posted by The Other Guy

Actually, North Korea started that one.

And if North Korea breaks the truce, President Obama will probably have to finish it this time.

Originally Posted by The Other Guy

The problem with the invasion of Iraq was that we have missed several chances to actually help other countries who have rebelled against leaders and/or been attacked, despite being our allies.

Which allies are you referring too?

Originally Posted by The Other Guy

And during the last administration, there were heavy pushes to start offshore drilling, but the people made enough of an uproar to prevent it from happening. The US Foreign policy has not always been for oil, but when an administration orders the invasion of a country that has that much oil, and many members of the administration were in oil, it's kind of suspicious.

You might say that Saddam started the war in Iraq as he did invade Kuwait.

And the Democrats in Congress voted for the War knowing full well who was in the administration.

What was the purpose in "invading" Afghanistan? Do we need more opium?

Apparently big oil only "controls" the US government in foreign policy?

The Afghanistan Invasion was our good deed. The Iraq Invasion was because of oil. I think it was an attempt to balance the good and the bad.... Sorta backfired on our former President, don'tcha think?