BP ready to quit in blow to rebuilding hopes (British Petroleum)

[Tinoire]

BP ready to quit in blow to rebuilding hopes

Oil industry Chief executive cites security and political fears

Terry Macalister
Thursday April 29, 2004
The Guardian

BP's chief executive delivered a serious setback to hopes of rebuilding Iraq when he said that the oil company has no future there.

<snip>

The downbeat message contrasts with the optimism expressed in the autumn of 2002 when the BP chief was desperately worried that American firms would monopolise Iraq once Saddam Hussein was overthrown.

<snip>

But these aspirations have evaporated as the hopes of peace following invasion by American and British forces have given way to ferocious guerrilla attacks.

Bruce Evers, oil analyst with Investec Securities, said the future of Iraq depended on foreign oil companies such as BP rehabilitating the country's only real export earner.

"Iraq could not begin to get itself back on its feet without the western oil companies. It needs their technology, expertise and balance sheets , apart from anything," he said.

<snip>

"Oil companies have become increasingly frustrated by the attitude of many Middle East rulers such as Saudi Arabia, which do not seem able to decide whether they want us to operate there or not," said one oil man, who asked not to be named.

<snip>

http://www.guardian.co.uk/Iraq/Story/0,2763,1205701,00.html

[pfitz59]

1. Cost of doing business too high.....

Cheaper to drill in Arctic tundra than to guard every inch of pipeline with thousands of expensive "rent-a-merc's"! PNAC buffoons were delusional thinking Iraq oil would pay for itself!

[aquart]

2. We told them so.

God, it was obvious to a two year old.

[Eye and Monkey]

3. Ne'er fear, Halliburton's sending in Harry S. Stamper -

The Right Shtuff, Good O' Amurhikan Know-How and Can-do Attitude - Armageddon Too.

[MrPrax]

4. Saudi Arabia <--there's that word again>

So the Saudis are keeping 'BP et. al.' from exploiting Iraqi oil fields...

According to an expert from 'oil analyst with Investec Securities' who says among other things that Iraqis are too stupid to ever get their oil patch up and running without increased 'resources' from the West...

How about Market incentives...like 'BP et. al.' getting out of Iraq...one is sure that would bring all the oil the west wants in the same piplelines that 'BP et. al.' have used for forty years.

[izzie]

5. Americans run SA oil and always have.

I am sure that the West knows how to do this and do it well. How can they do this with the mess Iraq is in? I am sure Iraq and the people of that country will need their oil. First it needs peace.