Blog > Oil and Energy > Iraqi Oil Contracts Up for Grabs
 | Email This Article Email This Article  | 

Iraqi Oil Contracts Up for Grabs

Posted August 15, 2008

"A spokeswoman for Anadarko Petroleum Corp., Paula Beasley, gave no reason for the decision but said in an e-mail to The Associated Press that ‘we do not intend to pursue additional interests at this time.’" — UTVi News

Blogger’s note: In case you’re not familiar with it, UTVi News is a new Indian business and investing information website. I visit the site frequently, not only for local Indian market and business info, but also for a different perspective on international and U.S. news. And today I found a rather interesting item about the Iraqi oil fields on the site.

Iraq is sitting on more than 115 billion barrels of oil, but the country has watched its production dwindle to almost nothing, with UN sanctions inhibiting the industry before and civil unrest making it unsafe to expand after the U.S.-led invasion in 2003.

Higher oil production could bring much-needed revenue into the country’s economy. And Iraq’s new government is quite aware of that fact. It’s pushing through new contracts to work the country’s oil fields, but a few snags are catching it along the way. Read on to learn more below.

by UTVi News & Reuters

Baltimore and London — (TFN): A major independent U.S. oil producer said Wednesday that it has terminated negotiations with Iraq to develop an oil field. 

A spokeswoman for Anadarko Petroleum Corp., Paula Beasley, gave no reason for the decision but said in an e-mail to The Associated Press that “we do not intend to pursue additional interests at this time.”

*** Three Recession-Buster Stocks to see you through the next 6 months:   This $5 company has a lock on the key technology in China – and could generate gains of over 1,000%… Insiders are loading up on this battered contrarian energy play that could go up as much as 75% by November… And his tiny biotech holds the secret to crucial early detection of a debilitating disease AND could triple in value by next year. Get our FREE special report… ***

The Texas-based company has a memorandum of understanding with the Iraqi government under which it has provided free technical advice, Beasley added.

Anadarko, the leader of a consortium that included Vitol Holding and the United Arab Emirates’ Dome International, was negotiating… Read on to learn more.

****Make sure you sign up for our FREE TFN News Feed for breaking news, special reports and new financial videos. You can pick your favorite reader. Or if you prefer, you can have the feed delivered to your email.

Related Articles


Posted by TFN-Oil · Filed Under Oil and Energy 

Comments

close Reblog this comment
Powered by Disqus · Learn more
blog comments powered by Disqus