Word: petroleum
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...auction of eight huge oil fields - some of the world's biggest - virtually all the 41 foreign companies invited to bid by the Iraqi government balked at the Baghdad terms. The only contract signed was a 20-year deal for a consortium led by BP and China's National Petroleum Corporation to develop the giant Rumaila field in southern Iraq. "Frankly I did not think it would be such a fiasco and embarrassment for the government," says Rochdi Younsi, Director of Middle East and Africa for the Eurasia Group in Washington. "It shows the level of disconnect between the Ministry...
...critics have vastly overstated the likely cost. In fact, they're all but lying. During the House debate, Republican whip Eric Cantor, using numbers from an American Petroleum Institute study, said that the bill would eventually cost more than $3,000 per family per year - but those numbers assume that billions of tons worth of inexpensive carbon offsets won't be available under the bill, which would significantly inflate the overall cost. That's not going to happen. A more reliable study from the nonpartisan Congressional Budget Office forecast that the bill would cost the average U.S. household...
...House of Representatives will have passed landmark global-warming legislation. But you might not know it from the near unanimously bad reviews so many different interested parties are giving it. Groups as disparate as the U.S. Chamber of Commerce, Greenpeace, Friends of the Earth, the Farm Bureau, the American Petroleum Institute and the National Association of Manufacturers have expressed either strong concerns or outright opposition to the bill...
Iraq is preparing to open its doors to foreign oil companies in a big way. Petroleum experts believe the war-torn country is underexplored and could potentially rival Saudi Arabia in oil reserves. And so the biggest names in the industry will put in bids for 20-year contracts on six of Iraq's largest oil fields and two of its largest gas fields, with the Iraqi Oil Ministry scheduled to announce the winning bidders on June 29 and 30. In the running are Exxon Mobil, Shell and BP as well as smaller Chinese, Russian and other state companies. Winners...
...winners have a cautionary tale to consider. The first foreign firm awarded a post-Saddam Hussein contract was the Chinese National Petroleum Corp. Oil began to flow six months after CNPC began work on the Ahdad field, located 90 miles south of Baghdad in Wasit province. But it involved learning to work with locals - with the community relations continuing to be volatile. (See a video of Iraq's domestic oil supply problems...