Originally posted by pandora0629
reply to post by Myendica
But we, (at least the U.S.) didn't get the Oil. .
If Iraq is successful in increasing capacity to its goal of 12 million barrels per day, this will help meet the demand for energy over the next decade
and keep a lid on oil prices. (For related reading, see Unearth Profits in Oil Exploration and Production.)
Exxon Mobil (NYSE:XOM) is involved in the re-development of the Iraqi oil fields, and is working on phase one of the West Qurna fields. Exxon Mobil
plans eight new wells here in 2010, and the workover of 50 more to increase production. The current production at West Qurna is 244,000 barrels of oil
per day, and the company has committed to increasing this output to 2.325 million barrels of oil per day.
Royal Dutch Shell (NYSE:RDS.A, RDS.B) is also involved in Iraq, and is partnering with Exxon Mobil at the West Qurna field. The company also won a
concession at the Majnoon field.
At Majnoon, current production is 45,000 barrels of oil equivalent (BOE) per day, and the company has plans to get production up to 175,000 BOE per
day by 2012. Royal Dutch Shell believes that the Majnoon field has the potential to produce 1.8 million barrels per day by 2017.
Eni SpA (NYSE:E) was awarded the concession at the Zubair Field, along with Occidental Petroleum (NYSE:OXY). The baseline production at this field was
set at 182,000 barrels per day, and the companies expect to increase gross production to 1.2 million barrels per day in 7 years. The companies are
planning on having 150 employees in the country by the end of 2010.
The Zubair field is located in Southern Iraq, and started producing in 1951. Eni estimates that only 7% of the original oil in place has been produced
to date. The company plans to drill 46 new wells and 100 walkovers from 2011 to 2013 to get production moving higher.
CNOOC Ltd. (NYSE:CEO) just finalized an agreement with the Iraqi government to develop the Missan Oil Field in the southern part of the country. The
Chinese oil company has agreed to increase production here to 450,000 barrels per day within six years from the current level of approximately 100,000
barrels per day.
The Iraqi goal of increasing oil production capacity to 12 million barrels per day may seem like a dream to some, but Iraq and its foreign partners
are not wasting any time getting started. The success of this endeavor will have a large impact on future oil prices
Because of the outcry concerning war for oil they decided to wait a minute... minute is up...
Oil and gas investments are expected to increase by 24% in 2012
Halliburton earned, according to MSN Money, Halliburton’s KBR, Inc. division earned $17.2 billion
in Iraq war-related revenue from 2003-2006
The Washington Group International has parlayed its expertise the repair, restore, and maintenance of high-output oil fields into $931 million in
Iraq-related revenue from 2003-2006.
Perini (controlled by financier Richard Blum) is one of the more controversial companies to have scored big-time Iraq war money. That’s because
Blum’s wife, Senator Dianne Feinstein, appears to have used her seat on the Military Construction Appropriations subcomittee to steer the $650
million environmental cleanup deal in his favor.
Another widely disparaged, Blum-controlled company that has profited from Iraq is URS Corporation. Long known as one of the nation’s major defense
contractors, San Francisco-based URS has collected $792 million in environmental cleanup fees in Iraq war zones.
Parsons, who reportedly mismanaged the construction a police academy so poorly that human waste dripped from its ceilings. Far from being an isolated
incident, reports from federal government auditors revealed lackluster work on 13 of the 14 Iraq projects entrusted to Parsons. Unfortunately, that
hasn’t stopped the Pasedena-based firm from making off with $540 million in U.S. government funds for the poorly executed reconstruction projects at
Iraq’s healthcare centers and fire stations.
“This is the lens through which Iraqis will now see America,” lamented Rep. Henry Waxman (D-Calif.) said. “Incompetence. Profiteering.
Arrogance. And human waste oozing out of ceilings as a result.”
AM General (a subsidiary of Renco) is another company that has seen its revenue sail toward the heavens since the beginning of combat in Iraq. The
renowned maker of extra-wide all terrain vehicles (shown below) has seen its Pentagon revenues soar by 92%, a phenomenal leap for any business. This
placed Renco sixth in a 2005 analysis of the fastest growing contractors by dollar amount, and sixth in an analysis of fastest growing contractors by
percentage. Growing hostilities prior to the Bush Administration’s “surge” strategy in 2007 helped fuel the sudden demand
2-4-2012 by Jameela because: (no reason given)