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Those who claim that the U.S. invaded Iraq in 2003 to get control of the country's giant oil reserves will be left scratching their heads by the results of last weekend's auction of Iraqi oil contracts: Not a single U.S. company secured a deal in the auction of contracts that will shape the Iraqi oil industry for the next couple of decades. Two of the most lucrative of the multi-billion-dollar oil contracts went to two countries which bitterly opposed the U.S. invasion - Russia and China - while even Total Oil of France, which led the charge to deny international approval for the war at the
Originally posted by IntastellaBurst
Don't take everything at face value now.
Perhaps entities within the Chinese and Russian governments are buying oil for $2 and selling it out the backdoor to the US for $1.
The American energy giant ExxonMobil today won the right to develop one of the world's most prized untapped oil reserves, in a $50bn (£30bn) deal that will entrench the company as one of the largest players in postwar Iraq.
Exxon was awarded a contract to extract oil from the West Qurna reservoir near Basra in Iraq's south during an extended tender process that has seen the Iraqi government partner foreign firms in a bid to get its reserves of oil out of the ground as cheaply and quickly as possible.
BAGHDAD -- A consortium including Royal Dutch Shell PLC and Malaysia's Petronas was awarded a contract to redevelop Iraq's Majnoon oil field, Iraqi Oil Minister Hussein al-Shahristani said Friday.
Majnoon is one of the largest oil fields in the world and although the companies' fee for raising output is slim, it represents an important foothold in a country that potentially has massive untapped oil resources, said ING analyst Jason Kenney.
Shell is incorporated in the United Kingdom with its corporate headquarters in The Hague, its tax residence is in Netherlands, and its primary listings on the London Stock Exchange and Euronext Amsterdam (only "A" shares are part of the AEX index).
Shell operates in over 140 countries. In the United States, the Shell Oil Company subsidiary, headquartered in Houston, Texas is one of its largest businesses.
After a bidding war among 44 oil companies, Shell of the United Kingdom and Petronas of Malaysia have jointly won the right to 10 oil fields in Iraq, in the second such auction since the 2003 invasion. —JCL
Rumaila, Iraq's second- biggest oil field and one that BP discovered in 1953, was the first of the country's eight fields to be auctioned on Tuesday. The auction marks the first time that foreigners have been offered access to Iraq's oil since nationalisation more than 30 years ago
BP was up against ExxonMobil
Exxon balked, but BP did not.
Contracts Awarded to Russian, Norwegian Firms on Last Day of Iraq Oil Auction