Word: fieldses
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Nearly seven years on - and after more than 4,600 Americans and tens of thousands of Iraqis have been killed - Iraq's natural resources are only now emerging as spoils of war. As U.S. troops prepare to withdraw from the country next year, some of the world's biggest energy...
Until recently, that change looked like it might never happen. Last summer, Iraq's government hosted an auction for eight large oil and gas fields at Baghdad's high-end Al-Rashid Hotel. There, oil executives from the U.S., Europe, Russia, China and South Korea paraded on stage and dropped...
The government may have been right all along. After months of sticking to their demands, oil companies now are agreeing to Iraq's $2-a-barrel offer. In mid-November, Italian oil executives from ENI flew to Baghdad to sign a deal on Zubair, a southern Iraq field with about...
The 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...
For oil companies, establishing similar relationships with Baghdad could prove crucial, and highly profitable. As oil supplies dwindle in places like the North Sea and Gabon, companies are desperate to book new reserves - and Iraq, which unlike Kuwait or Saudi Arabia is incapable of producing its oil without foreign know...