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DISCLAIMER: None of the information I share on this site is my own. I simply try to collect the best rumors and information I feel applies to a given day’s news and information that I hear or read about the "New Iraqi Dinar". Those I do speak with, I trust. So, any personal phone calls that I share on the blog, I have reason to believe they are sincere in their intent, and I believe they are in some way connected to those who do know what is going on. As for myself, I am connected to no “source”, just to those who tell me they are. I will never reveal a “contact” of mine, or their “source” for the purpose of giving more grounds or proof of their claims. Just take everything as a rumor and allow it to reveal itself over time. I have no hidden agenda for posting what I deem to be worthy reading. I’m just trying to make this difficult ride easier to follow for my family, friends, acquaintances, and anyone they deem to share this site with. I wish you all the very best! I hope this ride will end soon. It has definitely taken its toll… – Dinar Daddy

Monday, January 25, 2010

Iraq signs final deal with oil giants Exxon Mobil, Shell

January 25, 2010 - 02:53:14

BAGHDAD / Aswat al-Iraq: Iraq’s Oil Ministry on Monday completed a deal with U.S. major Exxon Mobil and Anglo-Dutch giant Shell to develop production in West Qurna-1, the war-torn country’s second biggest field.

“Signing the deal with the Exxon Mobil and Anglo-Dutch aims to increase the production from 285,000 barrels-per-day to 2,325,000 barrels-per-day,” Oil Minister Hussein al-Shahrestani said during the siging ceremony, attended by Aswat al-Iraq news agency.

West Qurna-1 in southern Iraq has reserves of around 8.5 billion barrels, according to Oil Ministry figures. Exxon Mobil and Shell will receive 1.90 dollars per additional barrel extracted from West Qurna 1.

The deal was initially agreed on November 5, following a bid late June at Iraq’s first international oil auction since the industry was nationalised in 1972.

A second auction in December saw Iraq award contracts to foreign majors including Russia’s Lukoil, which will work with junior partner StatoilHydro of Norway to develop the neighbouring West Qurna-2 field. The companies are expected to complete that deal on Saturday, Jihad added.

West Qurna-2, with known reserves of 12.9 billion barrels, lies west of the equally enormous Majnoon field, which was auctioned in December to Shell and Malaysia’s Petronas.

At 115 billion barrels, Iraq has the world’s third-largest proven oil reserves, behind only Saudi Arabia and Iran. Oil sales provide 85 percent of government revenues.

Despite accusations that the United States led the 2003 invasion of Iraq to grab its oil wealth, Exxon Mobil was the only U.S. major to have been awarded a contract in the two auctions last year.

SH (S)/SR

http://en.aswataliraq.info/?p=125844
Posted by Dinar-Daddy at 9:45 AM
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