BAGHDAD -- The Iraqi government stumbled once again on Tuesday in its frequently delayed effort to award development rights to its most valuable oil fields. In a public auction it largely failed to attract the lucrative offers it sought from dozens of international oil companies invited to the bidding.After the daylong event, which was broadcast live on national television, the government came away with just a single deal struck from among the six giant oil fields and two gas fields it had put up for bid. The single successful contract went to a joint venture of BP and the China National Petroleum Corporation for the largest field offered: Rumaila, near the southern city of Basra, which has proven reserves of more than 17 billion barrels.
After the daylong event, which was broadcast live on national television, the government came away with just a single deal struck from among the six giant oil fields and two gas fields it had put up for bid.
The single successful contract went to a joint venture of BP and the China National Petroleum Corporation for the largest field offered: Rumaila, near the southern city of Basra, which has proven reserves of more than 17 billion barrels.
Again, there will be no meaningful investment in Iraqi oil as long as there is no legitimate Iraqi government, ie as long as there are US occupation forces.
(Note: "occupation forces" is voluntrily ambiguous. It is conceivable to there might be a legitimate government and US bases, like in many other places) In the long run, we're all dead. John Maynard Keynes
