Dallas-based Hunt Oil signs production sharing deal with Kurds

[deminks]

Source: Associated Press

HOUSTON -- Kurdistan's regional government and Texas' Hunt Oil Company have signed a production-sharing contract for petroleum exploration in northern Iraq.

It's the first such deal since the Kurds passed their own oil and gas law in August.

The parties say that a Hunt subsidiary, Hunt Oil Company of the Kurdistan Region, will begin geological survey and seismic work by the end of 2007. The company hopes to drill an exploration well in 2008.

Terms of the deal were not mentioned in a joint news release.

Read more: http://www.news8austin.com/content/top_stories/default.asp?ArID=191655

[deminks]

1. More info here

http://www.cbsnews.com/stories/2007/09/09/business/main3244774.shtml

(CBS/AP) Texas' Hunt Oil Co. and Kurdistan's regional government said they have signed a production-sharing contract for petroleum exploration in the Kurdistan region of northern Iraq, the first such deal since the Kurds passed their own oil and gas law in August.

A Hunt subsidiary, Hunt Oil Co. of the Kurdistan Region, will begin geological survey and seismic work by the end of 2007 and hopes to drill an exploration well in 2008, the parties said in a news release Saturday. Terms of the deal were not disclosed.

(snip)

"We're very pleased to have the opportunity to be a part of these landmark events by actively participating in the establishment of the petroleum industry," Ray L. Hunt, Hunt's CEO, said in a statement.

Hunt, who is also on the board of Halliburton, has been a key fundraiser for President George W. Bush, who named him to the President's Foreign Intelligence Advisory Board.

(snip)

In August, however, the Kurdish self-governing region in northern Iraq enacted its own law governing foreign oil investments. The move angered the central government in Baghdad, but the Kurds are determined to push ahead with oil exploration.

[donkeyotay]

4. Conflicts of interest. Hunt profits from his GOP/bush investment, and

who knows where the money goes after the dismal one leaves office:

Hunt, who is also on the board of Halliburton, has been a key fundraiser for President George W. Bush, who named him to the President's Foreign Intelligence Advisory Board.

They get really good returns on their investments.

[MadMaddie]

2. I bet the Administration is not happy with this....

[billyoc]

3. Mission Accomplished.

Have a nice day.