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
This article may be reprinted online or offline as long as
this box remains and is hyperlinked online.
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Great seeing some update Darren. Here is some more on the subject from an Exxon internal post release. I will re-type here for everyone. It is brief for now.
An ExxonMobil Corporation Affiliate, ExxonMobil Iraq Limited, signed an agreement in January with the Iraq Ministry of Oil to redevelop and expand the West Qurna-1 field in southern Iraq.
The agreement was signed in Baghdad by representatives of the Ministry of Oil and the West Qurna-1 contractor consortium in the presence of Iraq Oil Minister Hussain al-Shahristani and Bob Franklin, president of ExxonMobil Upstream Ventures. The consortium members are ExxonMobile as the lead contractor with 60% interest, Oil Exploration Company(owned by the Iraqi government) with 25% interest and Royal Dutch Shell with 15% interest.
“We are pleased to sign the agreement for the redevelopment and expansion of the west Qurna-1 field and look forward to working with the government of Iraq and the South Oil Company on implementation of this important project,” says Franklin.
ExxonMobil will continue discussions with the government on other opportunities to assist Iraq in developing the countries resources. The company would apply its’ industries-leading operating capabilities and innovative technology to provide Iraq with maximum benefits from the field. ExxonMobil also plans to focus on the recruitment and development of local employees, the development of qualified local vendors for the supply of goods and services, and supporting corporate citizenship initiatives in health, education and infrastructure.
In order to get a good World Stage economy going,,, especially if your primary revenue is Oil,,, I figure you MUST first get your resource ready for market aye.?. Then the country can go forward with internal plans and rebuilding and services once valuable currency starts its’ flow. An elected official could most likely make a promise he can actually keep because the currency has value. Materials and people/labor can be ‘paid’ well now.
Just thinking out loud.
Yes! And Yes! I like what I see!
thanks for the update Bigshot Nobody,
Hope we got rid of all the Spammers!!
yes we did.