China Seals 20yr Deal to Develop Iraqi Oil Field

So, this is what happens after our many years of US soldiers toiling and sacrificing in Iraq. Was this all for China? We'll certainly never be able to pay them back with cash. The oil company granted this contract is China National Offshore Oil Corp. A govt. owned entity. This was supposed to be an oil war but for whom??

Cnooc Ltd., the Hong Kong-listed unit of China National Offshore Oil Corp. has partnered with the state-run Turkish Petroleum Corp. (TPAO) to win a contract with Iraq to develop the lucrative Missan oil-field in southern Iraq, marking Cnooc's first upstream access to Iraqi oil following its two major rivals, CNPC and Sinopec.

According to Cnooc, the 20-year contract includes an increase of Missan's production capacity to 450,000 barrels per day from the current 100,000 barrels a day within six years. Cnooc has agreed to price every additional barrel of oil produced after capacity rises by 10% at $2.30.

www.marketwatch.com...

There is of course another side to this story that would have given this deal to Exxon-Mobil. This all goes back to before the 2008 election that changed our country forever.
You will find that China's reach is forever growing and equally aggressive.

Thanks To 3 Senators, China Entrenched In Iraqi Oil For 20 Years

This is BECAUSE of America's involvement.

They want traditional 'big oil' out....

Thanks for the link.

reply to post by jibeho


You didn't think we'd be greeted w/ flowers and candy, did you? Maybe you weren't anti before it was cool??

Best,
SN

No good deed goes unpunished .