Word: totalfinaelf
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Dates: during 2002-2002
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Driving the oil rush are the prospect of higher prices and Washington's search for reliable oil suppliers outside the Middle East. European companies such as TotalFinaElf and Royal Dutch/Shell have long been players in the region but leading the new charge are U.S. giants ExxonMobil and ChevronTexaco and independents such as Amerada Hess, based in New York...
...state-owned French company, TotalFinaElf, meanwhile, has recently been maneuvering to gain exploration rights in Iraq’s Majnoon field, which has projected reserves of 20-30 billion barrels. In addition, China National Petroleum Corporation is contracted to repair and develop sections of the Rumaila production zone, which was badly damaged during the 1991 Gulf War. These agreements, of course, might not necessarily be honored by a post-Hussein Iraqi government. The extermination of Baghdad’s totalitarian despot could thereby mean less revenue and less influence for energy companies in all three nations...
...opportunities for expansion are tremendous." Driving the oil rush is Washington's search for reliable oil suppliers outside the Middle East - a search made more urgent in the wake of this month's terror bombing of an oil tanker off the coast of Yemen. European companies such as TotalFinaElf and Royal Dutch Shell have long been players in the region but leading the new charge are U.S. giants ExxonMobil and Chevron and independents such as New York-based Amerada Hess. American firms have been particularly aggressive in wooing new producing countries like Equatorial Guinea and can tap their experience...
...European concerns, giving them first crack at Iraq's 112 billion barrels of known oil - worth at least $3 trillion at today's prices - as well as unexplored fields. Non-U.S. firms have over 30 deals with Iraq waiting to take effect when sanctions are lifted; France's TotalFinaElf, Spain's Repsol, and Italy's Eni all have Iraqi interests worth millions of dollars. But Russia is king: in the Qurna oil field alone, Russia's Lukoil holds a majority stake in at least 11 billion barrels. When President Vladimir Putin hardened his antiwar stance last week during British...