Oil Giants Bend to Iraq's Terms

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

By Kevin Spak, Newser Staff

Posted Dec 1, 2009 10:35 AM CST

(Newser) – If the Iraq war was fought for oil, it’s done little to enrich American oil companies, which are just now striking deals to service the country’s fields—and at far worse terms than they’d hoped. Most companies balked at Iraq’s initial... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

20 comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

'Serpent Pastor' Dies of Snake Bite

Oosp: Romney's New App Misspells 'America'

New York Times (Source Grid »)

Money • World

Iraq • Iraq oil • oil companies • Iraq war • Exxon Mobil • oil industry

More Newser Stories

UK Consulted Big Oil Before Iraq Invasion

Memos reveal secret top-level talks with BP, Shell

(NEWSER) - Contrary to official denials, British oil firms were jockeying for a share of Iraq's oil wealth the year before Britain took a leading role in the 2003 invasion, newly released documents reveal. Government ministers held at least five top-level meetings with execs from BP and Shell in late 2002, and agreed to ensure that the firms would get a share of Iraq's massive oil and gas reserves in deals that were reportedly already being quietly hammered out with American, French, and Russian energy firms with the help of US officials, according to documents released under a Freedom of Information Act request and obtained by the Independent . More»

Iraq Dumps Western Oil Deals

Plans scrubbed as talks drag on too long

(NEWSER) - Iraq has scrubbed plans to award six coveted no-bid contracts to Western oil companies, the New York Times reports. Negotiations with the oil giants—including Exxon Mobil, Chevron, Shell, BP and others—dragged on for too long, said Iraq's foreign minister. The companies would have been unable to complete work to boost planned production by 500,000 barrels a day within the allotted year, he said. More»

Iraq Needs Its No-Bid Oil Contracts

Deals aren't exploitative, argues energy adviser

(NEWSER) - US lawmakers have been raging against no-bid deals struck by foreign oil companies in Iraq—but impeding them would be pure folly, energy consultant Raad Alkadiri argues in the Washington Post. Most of these companies have already advised Iraq on its oil fields for free; Baghdad only sought to formalize the business with contracts, which aren't cupcake deals, either. More»

Oil Giants to Return to Iraq

Companies booted by Saddam win contracts to service Iraqi oil fields

(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. More»

Pentagon Lost Track of $8.7B in Iraqi Oil Money

It didn't wind up in specially designated accounts

(NEWSER) - The Pentagon can’t account for $8.7 billion of the $9.1 billion in Iraqi oil money given to it for reconstruction expenditures between 2004 and 2007, according to a new audit. The military has no audit at all for $2.6 billion of that money, and the rest wasn’t deposited in the special accounts the Treasury Department has mandated, making it hard to know where it did wind up, the LA Times reports. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Oil Giants Bend to Iraq's Terms

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

Iraq • Iraq oil • oil companies • Iraq war • Exxon Mobil • oil industry

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

UK Consulted Big Oil Before Iraq Invasion

Memos reveal secret top-level talks with BP, Shell

Iraq Dumps Western Oil Deals

Plans scrubbed as talks drag on too long

Iraq Needs Its No-Bid Oil Contracts

Deals aren't exploitative, argues energy adviser

Oil Giants to Return to Iraq

Companies booted by Saddam win contracts to service Iraqi oil fields

Pentagon Lost Track of $8.7B in Iraqi Oil Money

It didn't wind up in specially designated accounts

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?