Iraq to award oil contracts to foreign firms - Yahoo! News - The Diigo Meta page

• 22 Jun 08
  

  liveinfreedom .

  BAGHDAD (AFP) - Iraq will award contracts to 41 foreign oil firms in a bid to boost production that could give multinationals a potentially lucrative foothold in huge but underdeveloped oil fields, an official said on Sunday.

  oil contracts iraq foreign law u.s.a. intrastructure

  • "We chose 35 companies of international standard, according to their finances, environment and experience, and we granted them permission to extract oil," oil ministry spokesman Asim Jihad told AFP.
  • Six other state-owned oil firms from Algeria, Angola, Pakistan, Thailand, Turkey and Vietnam will also be awarded extraction deals, Jihad said.
  • The proposed law stipulates a fair distribution of oil revenues between Iraq's 18 provinces, a sensitive matter in a country wracked by inter-ethnic violence.
  • They cover Kirkuk field (Shell), Rumaila (BP), Al-Zubair (ExxonMobil), West Qurna Phase I (Chevron and Total), Maysan province development (Shell and BHP Billiton) and the Subba and Luhais fields (Anadarko, Vitol and the UAE's Dome), according to a previous media report.

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