Iraq Approves 4 Oil Contracts

[sabra]

Source: NY Times

BAGHDAD — The Iraqi government formally approved four oil field development contracts with international companies on Tuesday, advancing its plan to drastically increase oil production to pay for security, rebuilding and other costs.

Three other deals with foreign oil firms that have won preliminary approval are expected to be approved within the next few weeks, said a government spokesman, Ali al-Dabbagh.

During the past year and a half, Iraq has signed development contracts with foreign companies for 11 of its fields. It seeks to increase oil output from its current rate of about 2.4 million barrels a day to as much as 12 million barrels a day in six years.

On Tuesday, the Oil Ministry announced that the country had earned $41 billion in oil revenues in 2009, down from about $61 billion last year, a decline attributable mainly to lower international oil prices.

The largest of the four contracts ratified by the government Tuesday was Majnoon field in Basra Province in southern Iraq, which has an estimated 12.6 billion barrels of oil.

Read more: http://www.nytimes.com/2010/01/06/world/middleeast/06iraq.html

[rfranklin]

1. MISSION ACCOMPLISHED!

Finally, our blood, sweat and treasure are redeemed!

[tblue]

2. That was my reaction, too!

Oh goodie! Wow, that was worth it, huh?

[Mari333]

3. and none of the criminals who did this will ever serve jail time

still think we arent a totalitarian nation? we are. we are the terrorists.

[thereismore]

4. Britain, Malaysia, and Japan. nt

[rfranklin]

5. Payback for British support, the others will return the favor in other ways...

Geopolitics and oil...yum!

[Igel]

8. And Angola.

Let's not forget the immense imperialist Angolan force that beseiged Mosul and killed thousands.

[Dr.Phool]

6. They have a government?

Where have I been?

[Arctic Dave]

7. The real crazy part is that the sanctions were going to expire anyway.

They could of had oil production up and running years ago, the only difference now is that their country is really destroyed and they have to rebuild it. That's means more money the Iraqis have to spend for those contracts. If the Iraqis really want to give a big fuck you to the US they would give give all those contracts to China or Russia.