Login HereThose ungrateful Iraqi bastards:
Iraq said on Monday that it had failed to sign technical support deals with global oil majors hoping to cash in on boosting the war-torn country's extensive but underexploited oilfields.
Iraq is still negotiating with Shell, BP, ExxonMobil, Chevron and Total, and a consortium of other smaller oil companies, to develop six oil blocks and two gas fields, Oil Minister Hussein al-Shahristani told a press briefing.
"We did not finalise any agreement with them because they refused to offer consultancy based on fees as they wanted a share of the oil," he said.
"The TSAs (technical support agreements) are only simple consultancy contracts to help us raise the production during the interim period" before the ministry enters into long-term contracts to develop the oil and gas fields.
Those bastards. Those stinking bastards! We should just invade them and ...um... well... hmm .... um .....
Phew.
Oh. Never mind.
Look! Over there! Someone is dissing McCain!
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Yeah! They’re all a bunch of selfish assholes! We should take our troops and go home!
Sadly, that’s not likely to happen soon. I’d like to hope it’ll happen in my lifetime, though.
I think those were the four charitable organizations that got nationalized by the Baathist party. Hmmm. Of course this was never about oil.
The only building secured when bush first occupied Baghdad was the oil ministry, because Humvees dont run on ancient Abbysinian artifacts.
Earlier articles also indicated that these were TSAs, which seemed a bit odd to me. Under a TSA, the oilcos would have essentially no risk - they would merely collect a fee for service - but would also have no upside since they would not own any of the oil produced. (i.e., they would just be contractors.) I wondered if they were trying to get the best of both worlds by collecting some of their “fees” as an interest in the production, and it appears that this is so.
Unfortunately, the nation we built is actually trying to act as a nation. It’s a good thing that our invasion was not about the oil, or Cheney & co. would be pissed.
Maybe the Iraqis are learning from the Saudis: ARAMCO was a joint venture but is now owned by the Saudis. I’m not sure I understand why the OPEC states even sell crude oil: I would refine it first and take the markup myself.
“Unfortunately, the nation we built is actually trying to act as a nation.”
Heh, is this another turning point? Where Iraq tells the oil companies to go Cheney themselves.
I do so love irony.
Paul,
Some OPEC members are getting more into refining, but there is a logistical problem. Once refined, petroleum becomes many products (gasoline, diesel/fuel oil, etc), which require separate transportation. This is easy to do with a pipeline, but more costly with tankers.
I think you’re probably correct.
What does surprise me is why Kingdom Holdings hasn’t tried to launch a takeover bid for control of Exxon-Mobil or some other major. It’s not like they don’t have the money to do it. I’m sure they’d get lots of positive coverage from NewsCorp and CNN, companies that they have a sizable financial stake in. Politically, I’m sure the Republicans would welcome their new overlords.
Actually oilcos are not a particularly attractive takeover target. Earlier mergers during price declines were justified on economies of scale. However, merely on an ROI or return of capital basis other sectors of the economy are more attractive.
The enormous profits (in absolute terms) are not reflected in the ratios. As Pres. Hu of China said (in talking about China’s economy: “If you divide any number by 3 billion, you get a small number.”
“Kick their ass and take their gas” is what freedom’s all about. What a bunch of ingrates!
“As the Iraqis stand up, we’ll stand down.”
Unless they won’t give us control of their oil, of course…
What I’ve never understood is why the Iraqis were negotiating with the big oil companies in the first place. The contracts they are offering are oil field service contracts. The companies who can do that are Schlumberger, Baker Hughes and Halliburton (although I understand why they might not want to deal with Halliburton). If any of the majors had gotten those contracts, they would have just turned around and subbed it out to Schlumberger or Baker Hughes anyway.
Way OTT but the funniest thing I’ve seen in a long time.
Joe Cocker’s Woodstock performance…with subtitles.
http://www.newsfromme.com/arch.....tml#015428
Hi-larious.
Those stinking bastards! We should just invade them and …um… well… hmm …. um …..
Phew.
Oh. Never mind.
Look! Over there! Someone is dissing McCain!
And NOW! that TRAITOR! Barak HUSSEIN! Obama is dissin’ Wes Clark!!! I’m, tellin’ ya, the man HATES! on anyone who wears a uniform!!!
Saudi Arabia is definitely moving toward doing their own refining. This is one of the major initiatives of King Abdullah, since he took over from Fahd in 2005. currently they are developing their home grown intellectual capacity and building King Abdullah Economic City while finishing the plans for diversifying their economy including doing much more refining in the KSA
Would “welcome their new overlords”? They’ve already crawled on the ground and tongue-shined their shoes for them. All behind suitable masking devices of course.