Wednesday, March 11, 2009

US steals Iraqi oil, gives it to China

Just a year ago a young Iraqi Swiss man told me that the US pays for the war in Iraq by stealing Iraq's oil. I wonder if he still believes this.

Iraq inaugurates oil deal with China's CNPC
Wed Mar 11, 2009 9:37am EDT

By Ahmed Rasheed

WASIT, Iraq, March 11 (Reuters) - Iraq inaugurated an oil project on Wednesday with the Chinese National Petroleum Company (CNPC), activating the country's first major oil deal with a foreign firm since the fall of Saddam Hussein in 2003.

Oil Minister Hussain al-Shahristani joined Chinese officials at the al-Ahdab field in south-eastern Wasit province, which should eventually produce 110,000-130,000 barrels of oil a day.

CNPC will operate Ahdab under a contract, initially signed under Saddam, which the Iraqi government renegotiated last year to gain better terms by changing it from the production-sharing agreement reached in 1997 to a set-fee service deal.

Shahristani pushed the button on a seismic survey of the field and said the project would begin drilling four appraisal wells "within months."


No comments :