Iraq signs new overseas oil deal - Democratic Underground

pampango

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Mon Nov-02-09 10:18 AM
Original message

Iraq signs new overseas oil deal

Source: BBC

Iraq's oil ministry has signed an initial agreement with a consortium led by the Italian firm, ENI, to develop the Zubair oilfield in southern Iraq.

The deal, which needs cabinet approval, calls for the group to extract 200,000 barrels of oil a day, rising to 1.1 million a day within seven years.

The project could be Iraq's second major contract with overseas oil firms since the US-led invasion in 2003.

Last month, Iraq signed off a deal with Britain's BP and China's CNPC.

Read more: http://news.bbc.co.uk/2/hi/business/8338058.stm

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leveymg

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Mon Nov-02-09 10:22 AM
Response to Original message

1. I guess we don't own Iraq, after all.

We just didn't spend enough blood to buy it. Someone screwed up the deal.

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