Comments on: Iraq Oil “Drill Baby Drill” part 1

By: Michelle Gonzales

Michelle Gonzales — Thu, 22 Mar 2012 06:28:29 +0000

Is China National Petroleum Corporation still operating until today?

By: Tax Attorney

Tax Attorney — Tue, 27 Jul 2010 15:15:20 +0000

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By: Jobs In UAE

Jobs In UAE — Tue, 23 Mar 2010 06:15:12 +0000

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By: Henry

Henry — Mon, 22 Mar 2010 01:49:39 +0000

Hello Cigna,

Thats very true, but we are not going to let you rain on our parade.
We are Walk Disney dreamers. We do not need any negative energy
in our little circle. We shall stay very positive no matter what,
and keep our eye on the prize.

By: cigna

cigna — Sun, 21 Mar 2010 16:45:42 +0000

It’s time to admit the truth: the war in Iraq is due to oil and government contracts to private companies, not knocking down the Towers and killing so many Americans. The White House knew these terrorists were in the country and did NOTHING! They waste time and money chasing after Mexican illigals who do us no phyiscal harm, and are doing jobs most American lazy pelple will not lower themselves to do! QUIT LYING TO THE AMERICAN PEOPLE ABOUT why we are in Iraq! We have oil resources here in American we could appropriate but for the goody two shoes who are on the side of minows, the gnats, the rats and the worms on the earth and care nothing about the people. Save the Whales, sacrifice the people! This country is being led by IDIOTS who are only interested in lining their pockets. WANT TO BE RICH? BECOME A CONGRESSMAN!

By: Henry

Henry — Tue, 26 Jan 2010 18:29:16 +0000

UPDATE 2-Iraqi parliament approves $72.4 bln 2010 budget
Tue Jan 26, 2010 10:40am EST
Related News
Iraq suicide bomb kills 17 at police forensics lab
9:22am EST
* Budget sets 27 percent deficit
* Oil exports set at 2.15 million bpd, price at $62.5/barrel
* Contemplates IMF and World Bank financing
(Adds oil price, exports)
BAGHDAD, Jan 26 (Reuters) – The Iraqi parliament on Tuesday passed a 2010 budget that sets federal spending at 84.7 trillion Iraqi dinars (around $72.4 billion) and a deficit for this year of 22.9 trillion dinars ($19.6 billion), lawmakers said.
The budget sets an expected oil price of $62.5 per barrel and puts expected average oil exports, virtually the sole source of government revenue, at 2.15 million barrels per day (bpd) in 2010, lawmakers said.
“The parliament has approved today the budget of 2010,” said Kurdish member of parliament Sami al-Atrushi, a member of the chamber’s finance committee.
The deficit amounted to 27 percent of total spending and was to be financed with surpluses from previous years and also through domestic and external borrowing, the budget law said.
Alaa al-Sadoun, head of the finance committee, said the new oil projections were an increase from the 2009 budget, which put expected oil exports at 2 million barrels per day and the oil price at $50 a barrel.
In a novel move, the parliament included in the new budget a clause setting aside $1 for each barrel of oil produced for oil-producing provinces to use in investment projects, said Ali Hussain Balou, head of parliament’s oil and gas committee.
Other provinces involved in oil refining and gas production will receive similar set-asides.
The Iraqi government is hoping that a spate of new oil deals will transform its struggling oil sector and increase production that still hovers around pre-invasion levels.
The 2010 budget law also includes authorization for Iraq to seek a $4.5 billion financing arrangement with the International Monetary Fund and contemplates $2 billion in financing by the World Bank.
The total income of the Iraqi government was estimated to reach 61.7 trillion dinars ($52.8 billion). The oil producing country relies on crude exports for more than 95 percent of government revenue.
Passage of the budget was held up for weeks by negotiations over additional spending.
Lawmakers said political dealmaking also played a role.
They said rivals of Prime Minister Nuri al-Maliki tried to demand that in return for passing the budget the government had to agree to a law that would prevent Maliki from using any state resources in the campaign for a March 7 election. (Reporting by Waleed Ibrahim; Editing by Michael Christie and Andy Bruce)

http://www.reuters.com/article/idUSLDE60P1T120100126

By: Henry

Henry — Tue, 26 Jan 2010 18:21:56 +0000

S T R A T F O R
GLOBAL INTELLIGENCE

Iraq: Oil Ministry Signs Deals for Oil Field Development
Stratfor Today » January 22, 2010 | 1449 GMT
AHMAD AL-RUBAYE/AFP/Getty Images
CEO of Italy’s Eni, Paolo Scaronis (R), and Iraqi Oil Minister Hussein Shahristani in Baghdad on Jan. 22

Iraq’s Oil Ministry signed a 20-year service contract Jan. 22 with a consortium comprised of Italy’s Eni, Occidental Petroleum Corp. and Korea Gas Corp. to develop the al-Zubair oilfield in Basra. Under the terms of the deal, the consortium will be paid $2 per barrel for the oil they extract from the field above current production and will pay a 35 percent tax on profits. In place of a signature bonus, the consortium will pay the Oil Ministry $300 million as a refundable five-year loan. Eni plans to invest around $20 billion in this deal over the 20-year period and aims to raise the field’s output from its current 195,000 barrels per day (bpd) to 1.125 million bpd within the next six years.

Iraq’s Oil Ministry has also signed deals with Royal Dutch/Shell and Malaysia’s Petronas to develop the giant Majnoon oil field, and with Petronas and Japan Petroleum Exploration Co. to develop the Garraf oil field in the south. Exxon Mobil and Shell are expected to finalize a contract for the development of West Qurna Phase 1 oil field in the south on Jan. 25 (KK: which they did.) Though Iraq offers a highly uncertain investment environment and slim profit margins for the development of these fields, thus far these energy firms are willing to incur substantial risk in order to stake a foothold in a country with immense energy potential.

http://campaign.constantcontact.com/render?v=001ERobWwfqaadn9P8Ocf5_93XO160-fU6OfXOB94-KFGyxYanJZN5Q2mzq9rVwo5v3gZl_bvC2Wm9fz5XBytpLw457f_bynJMgN9k7IpdUgnJMbfz45xUIhaxuSZggRR0OA5152OfSJvoHRQGe4LdFU9kEUc5JBuirN24sl1ufCvdU7VpKy_L03G5FK2haBNLpaiF3yIcaQ3sTUcVTRklkoCimKXl-SU7x

By: Henry

Henry — Tue, 26 Jan 2010 18:17:34 +0000

Iraq: Chemical Ali Executed

S T R A T F O R
GLOBAL INTELLIGENCE

January 25, 2010
Iraq on Jan. 25 executed Ali Hassan al-Majeed for crimes against humanity, the Iraqi government said. Al-Majeed was the Saddam Hussein henchman known as “Chemical Ali.”

By: Henry

Henry — Tue, 26 Jan 2010 18:16:31 +0000

Iraq: Joint Patrols Begin – U.S. Commander

January 26, 2010

S T R A T F O R
GLOBAL INTELLIGENCE

Iraq’s largely Arab army and Kurdish Peshmerga troops have begun joint patrols, U.S. military commander Gen. Ray Odierno said Jan. 26, reported Reuters. About 70 percent of the joint patrols, supervised by U.S. troops, have been trained and deployed; it is hoped that by the end of January, all of the joint patrols will be ready.

By: Henry

Henry — Tue, 26 Jan 2010 18:15:06 +0000

Iraq: Parliament Passes 2010 Budget

January 26, 2010

S T R A T F O R
GLOBAL INTELLIGENCE

Iraq’s parliament Jan. 26 approved the 2010 budget, setting spending at 84.7 trillion dinars ($72.4 billion) and the deficit at 22.9 trillion dinars ($19.6 billion), Reuters reported, citing lawmakers. The lawmakers said the budget is based on an expected oil price of $62.5 per barrel, with revenues from expected oil exports of 2.15 million barrels per day in 2010.