US Oil Companies-Iraq "Dreams Are Close To Coming True" In Spite Of The Law Or Lack Of Law

[kpete]

Published: Dec. 6, 2007 at 2:00 PM
Print story Email to a friend Font size:By BEN LANDO
UPI Energy Editor

WASHINGTON, Dec. 6 (UPI) -- Big Oil's big dreams are close to coming true as Iraq's Oil Ministry prepares deals for the country's largest oil fields with terms that aren't necessarily what companies were hoping for but considered a foot in the door of the world's most promising oil sector.

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Shahristani himself dropped hints to United Press International in a recent interview. He said he's moving forward with oil deals despite the lack of a new national oil law, a draft of which has been stalled in negotiations for more than a year.

"This has nothing to do with the national oil law. There is no timeline. Whenever we finish our discussions we'll just sign the contracts," he told UPI on the sidelines of the OPEC heads of state summit last month.

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"This means that it is pay-off time for the majors that have been running training courses for Oil Ministry personnel, reservoir surveys, drawn up work-plans and given general advice during the past years," said Samuel Ciszuk, Middle East energy analyst for Global Insight. "It is clever."


more at:
http://www.upi.com/International_Security/Energy/Analysis/2007/12/06/analysis_big_oil_to_sign_iraq_deals_soon/3980/