Mission accomplished: Exxon, Shell win Iraq oil field deal

[liberal N proud]

By Sinan Salaheddin, Associated Press Writer
Friday, November 06, 2009

BAGHDAD — A consortium grouping U.S. and European oil giants Exxon Mobil Corp. and Royal Dutch Shell PLC today signed a $50 billion deal to develop one of Iraq’s most prized oil fields, as the OPEC nation looks to revamp its battered energy sector.

The deal to develop the 8.6 billion barrel West Qurna Stage 1 field is the third such agreement in less than a week between a foreign oil consortium and Iraq, which sorely needs foreign company expertise and funding to revive an oil sector hammered by years of neglect, sanctions and, most recently, sabotage.

“I am very happy today with this achievement,” Iraqi Oil Minister Hussain al-Shahristani said during the signing ceremony today in the Iraqi capital.

“Iraq is now on its way to develop its oil industry.”

Under the terms of the 20-year contract, the two companies are targeting a more than sevenfold increase in output in seven years — from the current 280,000 barrels per day to 2.325 million barrels per day, al-Shahristani said, providing a revised production target that is up from the earlier 2.1 million barrel per day figure.

The companies will receive $1.90 for every barrel produced, and the contract could be extended for another five years.

Iraq’s Cabinet must approve the Exxon-Shell deal .
http://theworldlink.com/articles/2009/11/06/news/doc4af31a1af32f3771633667.txt

[FarCenter]

1. Have to get these oil deals completed before the Iraq election

[sinkingfeeling]

2. That's what we've been 'fighting' for! I still have the sign I stood holding on 2/20/2003. It says,

'It's the Oil, Stupid'.

[plcdude]

3. and now

we can truly claim "Mission Accomplished"

[kenny blankenship]

4. The World's Policeman is on the take???

No way!

[Junkdrawer]

5. LOL

Well put.

[Kansas Wyatt]

6. And the silly American people thought they were going to get cheap gas.

When DeadEye Dick made Georgie invade Iraq. Yes, that was a big reason why people didn't raise Hell about it.