Thread: Iraq/Dinar News. 09/05 to 01/14/07

This article in itself shows the need for security....I like this part....

Iraq’s oil minister is hell-bent on moving swiftly to lure foreign cash to rebuild and power the country’s economy.
A meeting of the OrganiSation of the Petroleum Exporting Countries in Vienna on September 11 will provide a venue for further discussions, but a major breakthrough is not expected.
“Shahristani may elaborate on our position, but we can’t do serious business,� said a veteran Iraqi technocrat. “There’s no law and order and we’re still working on an investment law.








LONDON: The world’s top oil companies are manoeuvring intently to win a stake in their oilfield of choice when Iraq finally opens to multi-billion dollar investment.From a safe distance, multinationals are poring over data from Iraq’s most promising oilfields and some of its older workhorses to gain the edge when the bidding begins.
Iraqi Oil Minister Hussain al-Shahristani has signalled the race for oilfield deals worth $20bn could start this autumn. But oil men, noting a lack of security and investment law, are under no illusion that drilling is imminent.
“We’ve been doing a lot of work behind the scenes and are ready to act quickly – but under the right conditions,� said a senior Western oil executive.
“At this stage, there is an effective short list of key oilfields and players. It’s been a natural selection.�
Iraqi officials are at pains to insist their country’s oilfields, home to the world’s third largest reserves after Saudi Arabia and Iran, have not been assigned in advance.
They want a transparent process where the best bid wins and are fully aware of the desire of the majors – Shell, ExxonMobil, BP, Total and Chevron among them – for Iraq’s cheap and easy-to-produce oil.
“Of course we know what they are interested in,� said a top Iraqi oil official. “The problem is when can it happen?�
Over the past three years, scores of firms have signed up for technical studies and training programmes that grant them regular access to oil ministry officials outside Iraq, which is on the brink of civil war.
Iraqi officials are using the experience to identify potential partners. A few have not passed muster.
“Those who’ve got acquainted with us will be in a much better position when we open up,� said the Iraqi official.
The majors are scrutinising data on some of the biggest gems in the south, vital to Iraq’s future oil wealth, and have made recommendations on production policy for certain fields.
Some have a wealth of information gathered when Iraq was under a decade of UN sanctions. Total was in line for Majnoon and Bin Umar, ENI and Repsol were interested in Nassiriyah and Shell was keen on Ratawi.
Their spade work may give them an edge, but Iraqi oil officials say the final competition will be wide open.
When fully tapped, it is these southern fields as well as West Qurna and Halfaya that should boost production by 3mn bpd.
Now relentless sabotage and mismanagement following decades of war and sanctions have left Iraq struggling to pump 2mn bpd after reaching close to 3mn bpd prior to the US-led invasion in March 2003.
Multinationals are helping to trouble-shoot at the North and South Rumaila oilfields, as well as at other problem fields currently ensuring the country’s production and exports.
“The past three years have not been wasted,� said an executive at an oil major. “But we won’t put our money on the table and our people on the ground until we see more clarity on investment and a vast improvement in security.�
Those scouring the globe for oil are willing to wait patiently for an opportunity in Iraq, home to 115bn barrels of proven reserves. Each company is out for itself, but alliances are expected to emerge.
“Most likely there will be consortia chosen to take care of the big oilfields,� said Shamkhi Faraj, Director General of Marketing and Economics.
“And the majors, because of their expertise and investment capability, stand a better chance of leading some of them.�
Iraq’s oil minister is hell-bent on moving swiftly to lure foreign cash to rebuild and power the country’s economy.
A meeting of the OrganiSation of the Petroleum Exporting Countries in Vienna on September 11 will provide a venue for further discussions, but a major breakthrough is not expected.
“Shahristani may elaborate on our position, but we can’t do serious business,� said a veteran Iraqi technocrat. “There’s no law and order and we’re still working on an investment law.�Only small firms, such as Norway’s DNO have dared to venture into Iraq. Executives from major oil companies are concerned by greater uncertainty over resource ownership.
“There are so may opposing political interests. It will be hard to get things done when the country is so fragmented,� said Saadallah al-Fathi, a former official at Iraq’s oil ministry.
Chaos at the ministry of oil and a steady draining away of technocrats with international exposure is also a worry.
“Many good people are retiring, leaving or – given the dire security – getting killed or kidnapped,� said Muhammad-Ali Zainy of the Centre for Global Energy Studies.
“Iraq will have to bridge the gap – perhaps with consultants or the help of other national oil companies.� – Reuters


http://www.gulf-times.com/site/topi...48&parent_id=28

Interesting,

As we all know, there is a huge interest to invest in oil industries in Iraq, and this was the exact same scenario in Russia when they were toppled, and now look at Russia, the second and soon to be largest supplier of oil, and this came from a severe economic depression just as Iraq has gone through. It is pretty obvious we will see Iraq rise above all in the same years as they revamp and modernize the oil industry, so hang on, it will all be happening soon.

Move over Saudi Arabia, Russia is now the World's Top Producer

For years, Saudi Arabia has been regarded as the world's undisputed, heavy-weight producer of oil and second to none.

But not any more.

Over the past couple of years, Russia has renationalized and modernized much of its oil and gas industry. And now after years of work, they can claim dominance in the world's oil production struggle.
Recent statistics released from OPEC reflect a trend that has seen the Russians periodically surpassing the Saudis as the world's biggest oil producers on and off since 2002.

According to OPEC, Russia produced 9.236 million barrels of oil a day in June. This figure represent 46,000 more bpd than Saudi Arabia.

The statistics also showed that Russian production in the first half of this year increased to 235.8 million tons, a year-on-year improvement of 2.3%.

This is significant because these findings may suggest that Saudi Arabian oil production has peaked. If this is true, the world's production has likely peaked.

There's no doubt about it, oil prices are poised to soar in the coming months and years.

LiChristipopher, Looking for a great secure Place to buy in the Usa? Go Here in my Signature. BOB

Hi,

This must the quietest day on this thread for ages so I thought I would come up with a question to keep us awake- why is that Saudia Arabia and Kuwait appear to be the only two countries that have not forgiven Iraqs debt??.

they are rivals i would assume.

they are leaders in oil production. and iraqi could become the leader. so why give your competion forgiveness.? Pay Up if you want to compete with us. Ya know what i mean?

would you forgive someone who owes you when they are threatening to take some of your business away? I wouldn't.

and besides that BOB...it might have something to do with Iraq invadeing kuwait to start the Gulf war....and remember Saudia Arabia was where we launched all our strikes from.....and then again,that might not have anything to do with it all....lol....GO DINARS...Pat

Has anyone ordered from Safedinar.com lately? I tried to purchase today and the site does not seem to be taking orders. I tried calling their number too and got nothing. Any help appreciated.

Email me and i can get you dinars