Elections in Iraq for this year 2010 has been a close one. Both parties have publicly mentioned that the Iraq Hydrocarbon Law will be a priority after the elections.
“It will definitely be a priority,…. It won’t take us long.”, says Allawi last month, one of the 2 major players in this years elections.
All contracts awarded in 2009 will be honoured.
Major contracts were awarded too:
Exxon Mobil of the USA,
Royal Dutch Shell of Europe,
and Russia’s Lukoil.
Iraq’s current oil production is 2.5 million barrels per day with a goal of getting production up to 12 million barrels per day by 2017. Critics are piping up about the challenges Iraq will face to meet even half this goal comparing a forecast to what Saudi accomplished with oil production growth recently. Growth like this has never been done before in this amount of time.
Hydrocarbon Law Creates Oil Production Dream Team
Records are meant to be broken and this includes oil production records. Iraq’s new profit sharing oil law has brought together an international oil production effort that itself has never been done before. Major international companies such as Exxon, Shell, Lukoil plus many more all competing for bids yet working together in Iraq. An oil production dream team like this is something that Saddam Hussein orchestrated on a smaller scale. The major objective this time around will be maximize oil production.
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Written by Darren Chabluk for http://www.DrDinar.com
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