Did the US really get shut out of the Iraqi oil patch?
Today, Iraq’s cabinet gave contracts to Britain’s BP and China’s CNPC to develop the giant oilfield in Rumalia.
According to the BBC, the contracts will increase production in the oil field by 2bn barrels a day, almost tripling output at the 17bn barrel field. Currently, Iraq’s daily output is 2.4bn barrels, due, among other things, to lack of investment.
Thirty two companies – including Shell, Exxon, BP and Total – bid for contracts to develop six oil fields and two gas fields in June’s televised auction, Iraq’s first big oil tender since the invasion of 2003. But most of the bidders withdrew at the last moment, saying the terms on offer were unfavourable.
So, apologies, George, sorry, Rummy, I really did think it was all about the oil. Still do.