Iraq
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Iraq's Energy Sector Is Moving Forward – With or Without the U.S.
Iraq is slowly retaking the shape of one of the world's most prolific oil producers. Its reserves are actually 25% larger than previously thought.
"Iraq's oil reserves which are extractable are 143.1 billion barrels," Hussein al-Shahristani, Iraq's oil minister, said earlier this week, basing his comments on data provided by Organization of Petroleum Exporting Countries (OPEC).
If U.S. Oil Companies Aren't Winning Bids in Iraq, Who Is?
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But U.S. oil companies have signed surprisingly few development contracts – and foreign rivals have swooped in to scoop up major deals.
Take last weekend, when Iraq wrapped up the biggest oil-field auction in history. Major new deals were announced by Europe's Royal Dutch Shell PLC (NYSE: RDS.A , RDS.B), OAO Gazprom (OTC ADR: OGZPY), Lukoil (OTC ADR: LUKOY), China's China National Petroleum Corp. (CNPC), and Malaysia's Petroliam Nasional Berhad (Petronas).
The U.S. oil majors – ExxonMobil Corp. (NYSE: XOM), ConocoPhillips (NYSE: COP) and Chevron Corp. (NYSE: CVX) – were nowhere to be seen.
How China is Beating the United States in the Global Oil Game
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China and Iraq Finalize Oil Contract, as Western Oil Majors Waver
By Jason Simpkins Associate Editor China and Iraq will sign a deal next week to develop the Ahdab oil field, 100 miles southeast of Baghdad, at time when political gridlock and security concerns have cast doubt over several pending short-term contracts. The new agreement, valued at $1.2 billion, is a variation of a deal struck […]
Iraq Looks to Rebuild Once Prominent Energy Sector by Opening its Doors to Foreign Oil Majors
By Jason SimpkinsAssociate Editor Iraq has officially opened the door for foreign oil companies to invest in the country's rich energy sector for the first time in more than 30 years. Thirty-five foreign oil majors have been invited to bid for contracts to provide technical support and help boost production in eight oil and natural […]
A Lackluster Inventory and Political Strife Drive Oil to a Record High
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