Thread: Iraq/Dinar News to April 19, 2007 10PM CST

ah those Iraqi's.....love to postpone meetings that will help their country and people.....typical Iraqi government....dragging their feet....again...WTO meeting postponed....yada,yada,yada......Pat

Originally Posted by choochie

HA! I was right! Wow, that doesn't happen very often.

YOU GO GIRL! WOOT!

Crucial Iraq Oil Law Set For Parliament
Legislation To Determine Who Gets What Share Of Massive Oil Revenue
BAGHDAD, April 19, 2007

(CBS/AP) Iraq's hotly debated draft oil law was to be sent to parliament next week, the country's oil minister said on Wednesday.

Hussain al-Shahristani, who was attending an oil conference in Dubai, the United Arab Emirates, did not give a specific day but said the measure would go to lawmakers before the next week was out.

In Baghdad, oil ministry spokesman Assem Jihad told The Associated Press in a telephone interview that the draft law would be in front of the legislature "within the coming few days if everything goes well."

"The draft is with the State Shura Council now to be put in a legal form after being written in technical language," Jihad said.

"We are expecting to take no more than two months to discuss it inside the parliament... between one and two months it depends on the parliament," Jihad added.

The Iraqi oil legislation, which was endorsed by the cabinet last February, will open the door for the government to sign contracts for exploration and production of the country's vast untapped reserves.

It was designed to create a fair distribution of oil profits to all Iraqis and it is perhaps the most important piece of legislation for Iraq's American patrons.

Passage of the law, thought to have been written with heavy U.S. involvement, is one of four benchmarks the Bush administration has set for Prime Minister Nouri al-Maliki's struggling government.

But the oil minister of Iraq's Kurdish regional government said the country should revise the draft law to encourage more competition and investment in the oil and gas industry.

"We are broke. Nobody is going to lend Iraq any new money to invest in its old, lousy oil fields. We have to do these professionally and on a competitive basis," Ashti Abdullah Hawrami told Dow Jones Newswires at the Dubai meeting.

He also said proposals to the draft law that would give the Iraqi National Oil Co. control over 90 percent of the country's oil reserves threaten the law's approval.

Iraq sits on 115 billion barrels proven oil reserves which make it the world's third-largest, but Iraq has lagged in exploration technology.

Meanwhile, CBS News reporter Larry Miller reports that Iraqis could be sitting on nearly twice as much oil as previously thought, according to a comprehensive new geological study.

A report in Thursday's Financial Times says there could be 100 billion barrels in Iraq's western desert region that no one knew about.

If accurate — and the country's violent conflict can be resolved — Iraq would leapfrog Iran and become the world's second largest oil producer, behind Saudia Arabia, reports Miller.

Currently, only one third of Iraq's oilfields are productive. Oil officials say around $25 billion in foreign investment is needed to reach full potential.

Iraq exports about 2 million barrels of oil every day, of which about 1.6 million barrels are exported through the port of Basra and some 300,000 are pumped from the northern city of Kirkuk to the Turkish port of Ceyhan.

Oil production has plummeted since the U.S.-led invasion in March 2003 as the oil pipelines have faced repeated insurgent sabotage, attacks on maintenance crews, alleged corruption, theft and mismanagement.

Crucial Iraq Oil Law Set For Parliament, Legislation To Determine Who Gets What Share Of Massive Oil Revenue - CBS News

Iraq's oil can be extracted at a cost of two dollars a barrel if the conflict had ended
19 / 04 / 2007

London (Reuters) - Any company said. HP. S notes that Iraq's oil fields promising oil can be extracted at a cost of less than two dollars a barrel, and that it was possible to double the production of the country to four million barrels per day in five years, provided the security situation has improved.

It is estimated atlas prepared by the company for Iraq, which is expected on the 9th of May next Iraqi oil reserves of about 116 billion barrels in line with the estimates of the oil sector, and says that there may be another hundred billion barrels under western desert.

He said President Ron Mubid any. HP. S "reserves, Iraq represents a phenomenon. Immediately after completing the infrastructure copper oil from beneath the ground at a low cost. "

Iraq estimates that about $ 25 billion to be spent on infrastructure collapsed after sanctions lasted more than ten years in the era of Saddam Hussein and the continuing acts of violence four years ago after the invasion, led by the United States of the country. This amount will be necessary to reach the level of production to four million barrels per day and beyond.

He said Mubid that these estimates may be conservative if the cost of capital to rise, and that the security situation in Iraq must be improved so as to increase the production capacity.

The major oil companies seek to get a share of Iraq's reserves, the third largest reserves in the world. But waiting for the ratification of the Law of Iraqi oil. The bill will be submitted to parliament next week, but the government of Iraqi Kurdistan in the north, objected to some of its clauses.

He said Mubid "Iraq is moving very quickly towards encouraging foreign investment - especially in comparison with the huge reserves in the region, where free entry is almost non-existent" to foreign companies.

And Iraq's oil production of about two million barrels a day less than the approximately three million barrels per day were produced at the end of Saddam's era and beyond as well as the level of 3.7 million barrels pumped in 1979 before the Iraq-Iran war.

But Mubid expressed confidence that production will rise rapidly as soon as the flow of investments. He continued, "Iraq's production to double in five years does not seem farfetched. It is a matter of opening what has been closed and improving the rest. " She says no. HP. PSV that Iraq's production in the medium term up to six million barrels a day.

He said Muhammad Zein Regional Director of the company in the Middle East that the sanctions and war have affected the main Iraqi oil fields, such as Kirkuk in the north and Rumaila in the south. He added : "There is some damage but could be repaired."

The Kirkuk field is capable of producing over 600 thousand barrels a day, but not only pumping 350 thousand barrels per day and continued Zine Rumaila oilfields that could produce one million barrels a day at least.

Most of Iraq's proven reserves are in the Shiite south and Kurdish north. And this year fears in the center and west of the country that deprives them of agreements with the regional governments Self-Governing Territories in these regions of the Iraqi oil wealth. But Zine said that the center of the country also has rich fields such as east of Baghdad.

A sharp fall in oil exports from Iraq to America in February
Source : Reuters-19 / 04 / 2007

The Ministry of Energy said that American exports of Iraqi crude oil to the United States in February fell to its lowest level in three and a half years.

And According to the latest government data on oil trade announced this week that Iraq had exported 325 thousand barrels per day of crude oil to the American market in February which is below 39% of what it was the previous month.

She said the Ministry of Energy that this was the least amount of crude oil and Iraq's response to the United States since September September 2003. The ministry did not explain the reason for the sharp decline of exports of Iraqi oil.

The United States imported an average of 553 thousand barrels per day of crude oil last year from Iraq, which made Iraq the sixth largest foreign supplier of oil to America.

[quote=Lunar;189633]Crucial Iraq Oil Law Set For Parliament
Legislation To Determine Who Gets What Share Of Massive Oil Revenue
BAGHDAD, April 19, 2007

"We are expecting to take no more than two months to discuss it inside the parliament... between one and two months it depends on the parliament," Jihad added.

How much longer will they do this to their people!?

Originally Posted by Lunar

WTO postpones first meeting on Iraq membership bid - sources
Last Updated: 19-April-2007 16:14:34

The move followed an official request from Iraq. No specific date has been set yet for the postponed meeting, the sources said.

Iraq applied to join the global trade club in Oct 2004. Its oil-dependent economy has been ravaged by decades of sanctions followed by spiralling violence and unemployment since the US-led invasion in 2003 to topple Saddam Hussein.

No reason was given for the postponement.


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We need a synopses on this and fast before I go a little stir crazy!

How will this affect the timeline of the r/v?

Where is everyone? Working or something?

If I was smart enough (and a little more motivated) I would do it myself.....well.......you know.......

[QUOTE=draft138;189645]

Originally Posted by Lunar

Crucial Iraq Oil Law Set For Parliament
Legislation To Determine Who Gets What Share Of Massive Oil Revenue
BAGHDAD, April 19, 2007

"We are expecting to take no more than two months to discuss it inside the parliament... between one and two months it depends on the parliament," Jihad added.

How much longer will they do this to their people!?

Until their people will no longer tolerate it. Or until Condi steps in and starts throwing some weight around. I foresee the latter. Their people don't know what they don't know. Just being herded around. I don't mean this as an insult, but just how easy would it be to go from being told when to wipe your "you-know-what" to having to rule yourself. Give them some time and come into agreement with me that God is causing all scales to fall from their eyes and giving them His Spirit of Wisdom and Revelation in the knowledge of Jesus Christ.

Monica

[QUOTE=readytogo;189652]

Originally Posted by draft138

Until their people will no longer tolerate it. Or until Condi steps in and starts throwing some weight around. I foresee the latter. Their people don't know what they don't know. Just being herded around. I don't mean this as an insult, but just how easy would it be to go from being told when to wipe your "you-know-what" to having to rule yourself. Give them some time and come into agreement with me that God is causing all scales to fall from their eyes and giving them His Spirit of Wisdom and Revelation in the knowledge of Jesus Christ.
Monica

They dont have time!!! The more time they take the more of them can meet God and Jesus in person 200 yesterday 12 more today.....

[QUOTE=draft138;189645]

Originally Posted by Lunar

Crucial Iraq Oil Law Set For Parliament
Legislation To Determine Who Gets What Share Of Massive Oil Revenue
BAGHDAD, April 19, 2007

"We are expecting to take no more than two months to discuss it inside the parliament... between one and two months it depends on the parliament," Jihad added.

How much longer will they do this to their people!?

Only a true statesman puts the needs of the country and its people ahead of there own agenda. There are'nt any in the Iraqi parliament just as there are'nt any in the U.S. government. They only care about the people insofar as they provide votes to give them power. They can come into office with modest means but by the time they get voted out they are rich and dont care that they are out. Thats why so many people covet political office.

I personally dont expect Iraq to complete any of the bills currently on the table that we have been reading about anytime soon. I think May will come and go and nothing will get done. I hope I'm wrong!!