Word: bp
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Dates: during 2000-2009
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...South Korea paraded on stage and dropped their bids into a sealed box, in a ceremony broadcast live on Iraqi television. It was meant to be grand theater, but proved a p.r. failure for Baghdad. Just one bid succeeded: it was submitted by a partnership between Britain's BP and China National Petroleum Corp. (CNPC) for production rights to southern Iraq's giant Rumaila field. Other companies abandoned the process after Iraqi officials refused to pay more than $2 for each barrel produced above a certain threshold. (Instead of leasing the fields to operators and receiving royalties for every barrel...
...about 1.1 million barrels a day from Zubair in partnership with California-based Occidental Petroleum and South Korea's Kogas. ENI was quickly followed by ExxonMobil and Royal Dutch Shell, which agreed to produce about 2.3 million barrels a day in another giant field called West Qurna. Combined with BP-CNPC's anticipated output from Rumaila, "those three fields alone would be about 6% of total oil production in the world" when output targets are reached, says Munton, the Wood Mackenzie analyst. (See pictures of the Exxon Valdez disaster...
...catalyst for the flurry of agreements appears to be the BP-CNPC deal, Iraq's first international oil contract in nearly four decades. The British and Chinese companies won the right to drill for 20 years in what is believed to be one of the world's four largest fields with potential reserves of about 65 billion barrels. Though it will earn only $2 a barrel, BP says it aims to keep expenses down by using low-cost Chinese labor and equipment. The group promised Iraq's government that it will nearly triple the field's output from 1 million...
...last week that Iran has probably stockpiled at least three months' worth of gasoline. The National Iranian Oil Refining and Distribution Co. estimates that the country has some 15.7 million bbl. of gasoline - about four months' worth - stockpiled in tankers on land and off its Persian Gulf coast. After BP and Reliance halted exports to Iran, Chinese state-owned oil companies filled the gap, supplying about one-third of Iran's gasoline imports as of last month, according to the Financial Times. Lawrence Eagles, head of commodities research at JPMorgan, told the paper last week that Iran was importing...
...Scottish Justice Minister Kenny MacAskill insisted he alone freed al-Megrahi, but suspicions are likely to linger--especially given the West's careful wooing of Gaddafi since international sanctions ended in 2004. Within hours of a visit to Libya by then Prime Minister Tony Blair in 2007, Britain's BP inked a $900 million oil-and-gas-exploration deal. More recently, in July, Prime Minister Gordon Brown met Gaddafi during the G-8 summit in Italy. And a week before al-Megrahi's release, John McCain led a group of fellow Senators in trade talks with Gaddafi, tweeting...