China begins oil production in Iraq

[pampango]

Source: Gulf News

China National Petroleum Corp, known as CNPC, yesterday started crude oil production from the Al Ahdab oil field in central Iraq, Iraqi oil officials said.

The officials said output is running at a rate of 40,000 barrels per day, and will rise to 60,000 barrels a day within the next few days. By the end of the year, the field, which has reserves of 1 billion barrels, should be producing 120,000 barrels, rising to 160,000 barrels a day by the end of 2012, the officials said.

In March 2009, CNPC secured the first major oil-development deal with Iraq since the fall of Saddam Hussain in 2003 with its $3 billion (Dh11 billion) project to develop the Al Ahdab field, which lies in Wasit governorate, some 160 kilometres south of Baghdad. Under the agreement, CNPC will charge a service fee of $6 for each produced barrel of oil as well as the costs incurred to develop the field.

China is a leading player in Iraq's oil sector. In 2009, CNPC sealed a deal along with Britain's BP PLC (BP) to ramp up production at Iraq's biggest oil field, Rumaila, which has estimated reserves of 17.7 billion barrels.

Read more: http://gulfnews.com/business/oil-gas/china-begins-oil-production-in-iraq-1.842093

[HysteryDiagnosis]

1. China doesn't spend all it's $$ imagining it is invading countries that threaten it.

[JJW]

2. So we became China's hired guns for oil

Are China corporations, people too with US Constitutional Rights?

[dipsydoodle]

4. US Constitution

is totally meaningless outside of the USA so such comparisons with China are equally so.

[destes]

5. JJW was joking. You didn't get it?

Constitution shmonstitution, most of us are understandably upset these days. I mean, what can be the fate of our republic? Has the stress caused there to be a red, white and blue haze clouding your thinking? Robbing your sense of humor?

[dipsydoodle]

6. I missed the point then

'pologies all round.

:hi:

[bahrbearian]

9. It is inside the United States that Chinas corporations now work.

Citizens United ring a bell?

[xchrom]

3. Recommend

[lovuian]

7. ya gotta love it

we spend all our money and children's lives and then China gets the oil

[BadtotheboneBob]

12. Actually...

... We spend the money they lend us so then they get the oil as well as the interest on that money forever. What a racket! The Chinese are nothing, if not, shrewd businessmen...

[Red1]

8. Stealth Leases.....

Should be;

China begins oil production in Iraq with American Corps blessings....
and a small tithe...

[grahamhgreen]

10. So THAT is the noble cause we are dying for.

[LetTimmySmoke]

11. All right then let them supply the military occupation force.

[Old and In the Way]

13. What's the Bush/Cheney cut?

Surely, they are do royalty payments on this 'liberated' oil?