Big Oil cuts deals with Iraq  

Posted by Big Gav in ,

UPI has a report on oil companies cutting deals with the government to access Iraq's oil - Big Oil cuts deals with Iraq.

The government's gamble that the lure of Iraq's oil wealth will persuade major international oil companies to invest billions of dollars in upgrading the country's ramshackle energy on Baghdad's terms seems to be finally paying off. Several weeks before a crucial auction of licenses for some of Iraq's biggest oil fields scheduled for mid-December, Iraqi officials say that several global oil giants have lowered their demands and cut deals with Baghdad.

This will likely intensify pressure on other bidders to fall in line with Baghdad's demands if they want to get their hands on Iraq's immense energy riches. These total 115 billion barrels of proven, recoverable oil reserves, the fourth highest after Saudi Arabia, Canada and Iran. But industry analysts say that untapped reserves could double that. Major oil companies were booted out of Iraq in 1972 when the oil industry was nationalized. Now they want to get back in.

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