Chinese and Turks Buy Up Iraq Oil Fields
19th May 2010
CNOOC Ltd., the Hong Kong-listed unit of China National Offshore Oil Corp. has partnered with the state-run Turkish Petroleum Corp. (TPAO) to win a contract with Iraq to develop the lucrative Missan oil-field in southern Iraq, marking CNOOC’s first upstream access to Iraqi oil following its two major rivals, CNPC and Sinopec.
According to CNOOC, the 20-year contract includes an increase of Missan’s production capacity to 450,000 barrels per day from the current 100,000 barrels a day within six years. CNOOC has agreed to price every additional barrel of oil produced after capacity rises by 10 percent at US$ 2.30.
CNOOC will be the operator and hold 63.75 percent of the interest. TPAO will have 11.25 percent interest while an Iraqi drilling company will hold the remaining 25 percent.
Our blood, their oil. Wonder whether they even said Thank You? Probably not. No good deed goes unpunished.
None of the Crust care, of course, if they’re even paying attention.
May 20th, 2010 at 11:32
Look, you invade a country whose only resource is oil and you take over the place to oust the really, really bad leaders they had in place. You spent a huge amount of money fighting and then a huge amount fixing things up for the future. In my book, you are then entitled to take as much oil as you feel you need to make the whole damn thing worthwhile. Objections? Not from the folks looking down the barrels of your guns. Maybe Europe, but who gives a crap. Everytime you busted into a cache of weapons, they had French or German invoices attached. Screw Europe.
If you go to all that effort and then just walk away with nothing but dead bodies and a deficit, it’s your own damn fault. America, Riding the Short Bus Into the 21st Century.