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Oil Giants to Return to Iraq

Companies booted by Saddam win contracts to service Iraqi oil fields

By Rob Quinn, Newser Staff

Posted Jun 19, 2008 4:20 AM CDT

(Newser) – Four big oil companies chucked out of Iraq by Saddam Hussein 36 years ago are ready to return, the New York Times reports. BP, Exxon Mobil, Shell and Total are about to announced winning coveted no-bid contracts to service Iraqi oil fields. The contracts are short-term, but the firms hope to significantly boost the country's oil production and win even bigger deals to develop huge new fields.

The oil giants, who lost their access to Iraq's vast oil reserves when the country nationalized the industry, are being awarded the contracts as a stop-gap measure while the government is stuck in stalemate over a new oil law. Foreign expertise could help Iraq more than double its oil output within a few years, helping to stem surging oil prices, analysts believe.

An oil tanker, Patris, is seen docked next to Iraq's vital al-Basra oil terminal, in Persian Gulf waters, Wednesday, Feb. 27, 2008. (AP Photo/Kamran Jebreili)

Iraqi flags flutter during the opening ceremony of a new oil refinery plant in the Shiite holy city of Najaf, central Iraq, earlier this year. (Getty Images)

An Iraqi employee turns on a valve at an oil refinery. (Getty Images)

Iraqi firefighters conduct a training exercise at the Najaf Oil Refinery, 130 kilometers (100 miles) south of Baghdad, Iraq, on Thursday, Sept. 13, 2007. (AP Photo/ Alaa al-Marjani) (AP Photo)

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Oil Giants to Return to Iraq

Companies booted by Saddam win contracts to service Iraqi oil fields

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Iraq Dumps Western Oil Deals

Plans scrubbed as talks drag on too long

Oil Giants Bend to Iraq's Terms

War for oil hasn't been too lucrative for American companies

Big Oil Deals Absent as Iraq Opens for Bids

No announcement of criticized contracts for Western companies

Big Oil Shut Out Of Iraq Deals

First new oil contracts go to China, India—even Vietnam and Indonesia

UK Consulted Big Oil Before Iraq Invasion

Memos reveal secret top-level talks with BP, Shell

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Oil Giants to Return to Iraq

Companies booted by Saddam win contracts to service Iraqi oil fields

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OTHER STORIES ON OUR RADAR

Iraq • Iraq oil • Shell • Chevron • oil companies • Exxon Mobil

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Iraq Dumps Western Oil Deals

Plans scrubbed as talks drag on too long

Oil Giants Bend to Iraq's Terms

War for oil hasn't been too lucrative for American companies

Big Oil Deals Absent as Iraq Opens for Bids

No announcement of criticized contracts for Western companies

Big Oil Shut Out Of Iraq Deals

First new oil contracts go to China, India—even Vietnam and Indonesia

UK Consulted Big Oil Before Iraq Invasion

Memos reveal secret top-level talks with BP, Shell

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?