Word: gas
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...West's and where cooperation brings mutual benefits. China competes aggressively for natural resources. But as David Zweig and Bi Jianhai of the Hong Kong University of Science and Technology argued in Foreign Affairs in 2005, it would make just as much sense for the U.S. and China--both gas guzzlers--to pool forces and figure out how to tap renewable sources of energy and conserve existing supplies. For a start, the U.S. could work to get China admitted into the International Energy Agency and the G-8, where such topics are debated...
...speech announcing plans to boost troop levels in Iraq, George Bush noted that Iraq was about to pass "legislation to share oil revenues among all Iraqis" in order to give the citizens of that country a share in the economy. Indeed, the 33-page draft of that proposed Oil & Gas Law now circulating, if passed as currently written, would end decades of total government control over Iraq's mammoth oil reserves and distribute oil income among all the country's regions - a dramatic change from the past and a potential windfall for Big Oil. But it must first get through...
...Baghdad over several weeks late last year to thrash out whether the Kurds' regional government could cut its own oil deals with foreign companies without Baghdad interfering. Kurdish officials have argued their case for months. The proposed law offers a tortuous compromise. A new Federal Council of Oil & Gas will have 60 days to object to any oil deal the Kurds make, and only then with the agreement of two-thirds of the council's members - which will include a Kurdish official. Disputes would also be taken to a new group of independent advisers, who "might include foreign...
...that border Iraq, Saudi Arabia and Iran. "What we are looking at is Iraq signing deals for next 20 years at a time when it is extremely weak and not fully sovereign," says Greg Muttitt, co-director of Platform, a watchdog organization in London that monitors the oil and gas industries. "The U.S. has put a lot of effort into this." But it's not certain that U.S. or British majors like ExxonMobil or BP will be the first big benefactors. Both China and India signed exploration deals with Saddam before the war, which remain in effect...
...Whichever companies arrive, their finds could be massive. The country sits atop about 115 billion barrels of oil reserves - the fourth largest in the world after Saudi Arabia, Canada and Iran - and about 110 trillion cubic feet of natural gas. What is more, much of the oil is relatively easy to reach and cheap to pipe out. There is a catch, however: the infrastructure is in dire shape. Even before this war, rigs and wells had lain rotting for years, since the crippling war with Iran in the 1980s sapped the economy and international sanctions in the 1990s left Iraq...