Iraq oil

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Iraq's Oil Production Hits New Heights

With Iran sanctions rising, Iraq oil needed for world supply

(Newser) - Iraq may be crippled by mismanagement and violence , but it does have one huge bright spot these days—oil. Iraq's crude oil production is up 20% this year to the tune of 2.5 million barrels a day, reports the New York Times . Oil provides 95% of government revenues... More »

To Keep Eye on Its Oil, Iraq Buys US Drones

Unarmed drones will watch over Persian Gulf

(Newser) - Iraq is looking to America to help it monitor its oil interests—sort of. The country is buying unarmed surveillance drones from the US that will scour Iraq's Persian Gulf waters, which Iran has spoken of blockading in the past and which the majority of Iraq's oil exports... More »

Trump: Let's Just Seize Iraq's Oil

'We're reimbursing ourselves'

(Newser) - Donald Trump has an interesting concept of how the world’s oil markets work: In an interview with George Stephanopoulos on ABC , Trump opined that the reason oil was so high was because “We don’t have anybody in Washington that calls OPEC and says, ‘Fellas, it’s... More »

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,... More »

Iraq's Oil Reserves Bigger Than Previously Thought

Country claims it has 24% more crude in new estimate

(Newser) - Iraq is home to 24% more oil than it had previously estimated, the country announced today. In Iraq's first revision to its stated oil reserves since 2003, the oil ministry claims to have 143.1 billion barrels of known and recoverable oil, up from the previous level of 115 billion... 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... More »

Oil Giants Bend to Iraq's Terms

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

(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 service contract offers, refusing to... More »

American Adviser to Kurds Outed as Oil Shareholder

Galbraith's policy push won him $100M

(Newser) - An influential American advocate for Iraqi Kurds, who helped successfully secure Kurdish control over new oil finds in northern Iraq in the country's constitution, stands to reap more than $100 million from the policy he shaped. Peter Galbraith, it turns out, received rights to an enormous oil stake in Kurdistan... More »

In Televised Auction of Oil Contracts, Iraq Plays Hardball

Oil ministry plays hardball on prices

(Newser) - The Iraqi oil industry has been nationalized since 1972, but today the country is awarding the first contracts in decades to private petroleum companies—live on television. So far a joint bid by British Petroleum and a Chinese firm has won the first contract, for a 17 billion-barrel field in... More »

Big Oil Drooling Over Iraq Contracts

Firms booted out in '72 eye nation's vast untapped reserves

(Newser) - Iraq is preparing to welcome back the foreign oil companies it ejected over 30 years ago, and the firms are giddy with anticipation, the Wall Street Journal reports. Contracts to revive production at neglected oil fields go up for auction next week, and competition is expected to be fierce. Oil... More »

Marines Try to Wean Iraq From US Pocketbook

Saddam-era budget network can't provide to expanded security forces

(Newser) - As Iraq becomes safer, the Marines have focused on the next challenge: weaning the country’s security forces off US financial and logistical support, USA Today reports. To spur the independence of the nascent Iraqi police, the Marines now refuse to refuel their vehicles, and it's gotten the Iraqis' attention.... 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... More »

China Makes $3B Deal to Develop Iraqi Oil

First Saddam-era oil deal to be revived since invasion

(Newser) - China and Iraq have dusted off an oil deal that was in the works before the 2003 US invasion of Iraq, giving China the rights to develop the Ahdab field, reports the AP. The agreement—which has grown from an estimated $1.2 billion to $3 billion—was originally struck... 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... More »

Would-Be Oil Barons Venture Into Kurdistan

Northern Iraqi region awash in untapped black gold—and risk

(Newser) - Kurdistan, Iraq’s mostly autonomous northern region, is brimming with oil, but the big oil companies won’t touch it. The Kurdish government gladly hands out exploration contracts, but taking one invites the wrath of the central government in Baghdad. That’s left the forbidden fruit to “wildcatters,”... More »

White House in Loop on Troubling Iraq Oil Deal

Bush crony's Kurdistan deal undermined Baghdad government

(Newser) - The State Department was fully aware that a Texas firm linked to President Bush planned to sign a controversial Kurdistan oil deal that undermined the Iraqi government, reports the New York Times. Documents released by a congressional committee yesterday reveal that Hunt Oil—run by a close associate of the... More »

Big Oil Deals Absent as Iraq Opens for Bids

No announcement of criticized contracts for Western companies

(Newser) - The Iraqi government opened six oil fields to bidding today, without mention of expected no-bid contracts with big Western oil companies, the AP notes; it had been reported that several big companies were close to signing short-term deals with Iraq's government. "There is no preferential treatment for anyone, no... 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... More »

Iraq to Net Record $70B Oil Windfall

Congress calls for aid cuts after revenue forecast doubles

(Newser) - US analysts estimate that record-breaking oil prices and a fall in insurgent attacks on pipelines will boost Iraq oil revenue this year to $70 billion—double earlier estimates, the Wall Street Journal reports. The latest figure has sparked a call among US lawmakers to demand that Iraq pay more of... More »

Turkey's Threats Send Oil to Record High Near $88

Many fear disruption of Kurdish pipelines

(Newser) - Crude oil hit yet another record today, trading near $88 a barrel over fears that a looming Turkish attack on Northern Iraq would disrupt pipelines in the world’s third-largest oil producer. Turkey’s PM said he expected parliament to approve an incursion to root out PKK militants in the... More »

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