Iraq Inks Deals To Dramatically Increase Oil Output
Albawaba:
Iraq’s cabinet has given the nod to the Oil Ministry to ink agreements with foreign oil firms to help boost the country’s crude output, a ministry official said Wednesday. According to the AP, the two-year deals, known as technical support agreements, or TSAs, are meant to develop five producing fields to add 500,000 barrels per day to Iraq’s 2.4 million barrels per day output.
Late last year, Royal Dutch Shell PLC, BP PLC, ExxonMobil Corp. and Chevron Corp. submitted technical and financial proposals for the five fields and received counterproposals from the Iraqi side. In January, representatives from the firms and Iraq met again in Amman and they will hold a third round of discussions later this month, said the official.
Iraq’s average production was 2.4 million barrels per day in January while exports stood at an average of 1.92 million barrels per day. December’s exports averaged 1.81 million barrels per day.
The oil giants are among more than 70 international firms that met the ministry’s deadline of Feb. 18 to compete to help develop Iraq’s oil reserves.
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great news
March 8th, 2008 at 1:53 pmCan we get all of the production, since this is a WAR FOR OIL??!!!111!!! Or so say the leftards for the past 5 years. I guess they haven’t quite thought that slogan through, since skateboards and mommy’s minivan run on wishful thinking and other people’s money. Jacktards.
March 8th, 2008 at 4:23 pmPump it this way, boys. I want to see oil at $50/barrel and $1 at the pump …
And how about building a new refinery here in the States?
I understand Berkeley would make a great spot … Nothing indigenous there worth preserving. Plow it down and bring in the construction cranes.
March 8th, 2008 at 4:48 pm