Dubai to take control of offshore oil resources

[Omaha Steve]

Full story: http://money.excite.com/ht/nw/bus/20060806/hle_bus-wen3425.html



Dubai to take control of offshore oil resources

Sunday August 6, 5:31 PM EDT

NEW YORK (Reuters) - A unit of ConocoPhillips (COP) will end its role as operator of Dubai's offshore oil resources and the Emirate of Dubai will take over, marking the end of Dubai's first offshore oil concession, the government of Dubai and the U.S. oil major said on Sunday.

Starting April 2, Dubai Petroleum Establishment will be responsible for operating the oilfields, instead of ConocoPhillips unit Dubai Petroleum Co., and for all future business related to the production of oil and gas in Dubai.

Dubai oil will continue to be freely traded in the international oil market under contracts established by the government and by Dubai Petroleum Establishment, a new entity wholly owned by the government of Dubai.

More than forty years after the consortium was formed, "it is clear that production will now far outlast the period of the concession agreement, and all parties agree that it is appropriate to initiate a transition of operatorship to the government at this time and to begin a new era," said Abdulla Abdul Karim, Dubai government representative, in a statement.

[w4rma]

1. So now Rethugs are giving control over *American* oil to the middle east

This is a load of **CRAP**. Screw Bush and every one of his traitorous supporters.

They gave them our ports, now they are giving them even our domestic oil.

[Igel]

2. What are you talking about?

The oil is off the coast of Dubai. That's not a town in N. Carolina.

They already owned the oil; the contract was for a service--oil extraction. Yippee.

[w4rma]

3. I misread. Off the coast of the UAE. No problems. (nt)