From Blood for Oil to Greed for Oil: Flashback to BP "winning" rights to Iraq's largest oilfield

[zulchzulu]

Maybe people have forgotten how the protests about how the war in Iraq WAS literally blood for oil. BP ended up winning the rights with China's CNPC to steal the monstrous Rumaila oil field, able to produce nearly a million barrels per day, now for its own development.

A BP-led consortium today won the rights to develop Iraq's biggest-producing oilfield after a rival bidder dropped out of a televised auction in a disagreement with the country's oil ministry over fees.

Winning the 17 billion barrel Rumaila oilfield in southern Iraq represents a big boost to BP that has historical links to the oilfield, which is one of the biggest in the world.

The British company's victory came after the oil ministry balked at the fees for extracting the oil that were proposed by both BP's consortium and a rival, led by Exxon-Mobil.

(snip)

Multinational oil companies have until now been unable to exploit the reserves because the Iraqi parliament has been unable to agree a legal framework for foreign investment.

The auctions, which were shown live on national television in Iraq, have been mired in controversy.

A parliamentary committee said over the weekend that the Iraqi oil minister, Hussain Shahristani, did not have the right to award the contracts without parliamentary approval.

South Oil Company, Iraq's largest oil company, has also denounced the contracts. Fayad al-Nema, the director of South Oil told Reuters last week: "The service contracts will put the Iraqi economy in chains and shackle its independence for the next 20 years. They squander Iraq's revenues."

More: http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6607906.ece

BP press release: http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7057650



Trust BP? Are you out of your mind?

[wiggs]

1. Important post. Important component of the big picture. nt

[zulchzulu]

2. Hopefully people put this in context with the BP Oil Spill

If you aren't outraged, you are out of it.

[Cha]

3. KR

[babylonsister]

4. rec'd. And here's greed for oil domestically, compliments of darth:

Under Cheney’s Influence, Wyoming’s Oil Ties Flooded MMS

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8473253

snip//


The Wyoming connection was especially evident from 2000 to 2008, during the two administrations of President George W. Bush and his vice president, Wyoming native Dick Cheney. A former chief executive of Halliburton, Cheney took an early and very active interest in energy policy and placed several Wyoming political friends in key positions in the Department of Interior.