Oil companies reluctant to invest in Iraq

[Barrett808]

Oil companies reluctant to invest in Iraq
By JIM KRANE, Associated Press Writer
Thu Jul 6, 1:49 PM ET

DUBAI, United Arab Emirates - In Iraq's peaceful north, a trio of foreign oil companies have begun classic wildcat exploration, hoping a gusher of black gold will bring them untold wealth.

But the companies are little-known outside the industry — something that's unlikely to change until security improves. And the deals they have cut with the Kurdish regional administration bypassing the central government leaves them in a murky legal situation.

More than three years after the U.S.-led invasion, no big oil company has stepped forward to spend the huge sums necessary to tap Iraq's giant oil reserves and get crude flowing and revenues pouring into Iraq's government to help pay for food, jobs and even medical care.

"It will take a lot more to bring in the big guys," said Sharif Ghalib, a senior analyst with Energy Intelligence Research in New York.

(more)

http://news.yahoo.com/s/ap/20060706/ap_on_bi_ge/iraq_oil_on_hold_1

[saigon68]

1. REALLY ?? As business men, they are not going to put their money

where the Iraqi Resistance can blow the crap out of it.

They cannot and never will secure the pipelines.

[tabasco]

16. But....but...don't they know about all the good news out of Iraq??

Those oil execs are probably watching too much of that librul media.

[billyoc]

2. billyoc reluctant to vacation in Iraq

Apparently I'm not the only one. :eyes:

[samsingh]

3. another great bush result - sarcasm off

[HopeFor2006]

6. Gee, didn't Rumsfeld predict that tourism in Iraq would help pay

for this godawful war?

[samsingh]

11. did he really say that?

[Sgent]

13. I don't think so

but the administration DID say that oil revenue would.

oops.

[HopeFor2006]

14. Okay, this is what he said exactly:

I think tourism is going to be something important in that country as soon as the security situation is resolved, and I think that will be resolved as the Iraqis take over more and more responsibility for their own government.

http://www.harpers.org/DonaldRumsfeld.html

"But Iraq also has a number of advantages -- oil wealth, water and an elaborate system of irrigation canals, vast wheat and barley fields, biblical sites and the potential for tourism, and an educated, urban population."

http://usinfo.state.gov/mena/Archive/2004/Jan/29-267854.html

[Vidar]

15. "As soon as the security situation is resolved," I'll trasport down

from the nearest starship.

[toopers]

4. Hey, I need some schooling . . .

How does the oil trade work? Who sets the price of a barrel of crude? Since the Middle East countries are sitting on most of the traded supply, do the oil companies (Exxon, BP, et al) actually affect the price per barrel, or does OPEC set the price?

Thanks

[annabanana]

5. OOPS!. . . . has the "grand plan" backfired?

Or is it part of the plan to keep everyone BUT Halliburton out of there?

[CatholicEdHead]

7. WSJ on Thursday had them moving to offshore China, Africa, etc...

At least that is where most of the Gulf of Mexico rigs are going. It is easier to drill there than deepwater wells in the Gulf of Mexico at the moment.

[NYC]

8. The big oil companies will turn up when it's time

to make a profit.

That's after the government (taxpayers) have paid all the expenses to prepare things for them.

[Trajan]

9. Well wait one fucking moment here ....

First: it is the IRAQI PEOPLE'S OIL ....... right ? ...

Isnt THAT what the shit-eating sycophants of the Neocon lie claim ? ....

Wouldnt it be nice if AMERICAN oil belonged to the American people ? .... I mean it is part of the National Trust, is it not ? ....

Second: The American people have been paying for Oil Exploration, one of the big hearted expansions of corporate welfare so adored by the american right wing; but College funding for common citizens is WAY down. Aint it amazing that the american people somehow found the funds to 'help' those poor oil companies pay to explore for new oil fields ?? ....

DAMN we are nice to them .....

BTW: ... How bout we collect pop bottles to help our kids get to college : SURELY working for a living aint getting us there .....

What kind of fools are we ? ....

[NYC]

10. Corporate welfare.

When we give it to the corporations it is called free market capitalism.

If we gave it to the people, it would be called socialism. Socialism is a dirty word.

[meganmonkey]

12. They want to keep the Iraqi oil from getting on the market

to help keep prices high and help continue record profits for big oil.

[lonestarnot]

17. Shit we wouldn't want oil leaking out of there, might deflate the price.