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U.S. Oil Contracts in Iraq, Libya Next?

Iraq's West Qurna Oil Field

Iraq's West Qurna Oil Field

Just some notes:

• ExxonMobile’s (US)  wikipedia page mentions nothing about it’s contract to develop in Iraq’s West Qurna oil field. Considering this it the second largest oil field in the world after Saudi Arabia’s Ghawar oil field.

• This TIME article headline is at first mislead in that appears that U.S. is shut out of Iraq oil auctions?? When later it mentions that ExxonMobile took 80% stake West Qurna Phase 1. Shut Out as Iraq Auctions Its Oil Fields by Vivienne Walt Saturday, Dec. 19, 2009. It makes me want to research the oil contracts awarded to U.S. Oil companies since the invasion.

• U.S.’s 2nd largest oil company, Chevron was already exploring oil in Iraq‘s Majnoon Oil Fields under the oil exploration contract awarded to Frances Total and Chevron in 2007.

• Finally, where is ConocoPhillips, U.S.’s 3rd largest  oil company?  A little research shows in 2004 Lukoil and ConocoPhillips had formed a strategic alliance in 2004, with ConocoPhillips owning 20% of Lukoil’s shares. In 2007 Lukoil promised ConocoPhillips a share of the West Qurna Oil fields. Lukoil, with ConocoPhillips’s shares at  won the bid in 2009.  So maybe the Time article shouldn’t say U.S.  was “shut-out”completely, as oil contracts in Iraq, despite UN sanctions, are full of holes.

• If you look at the list of largest oil reserves, Libya comes right after Iraq, if you take out the unclean sands oil of Canada and Venezuela. It’s also might seem easier to destabilize under a false premise: WMD (Iraq), a rebel uprising (Libya)?

• Kuwait’s national lines were carved out of Iraq by the British after WWI. Hello BP!

• Kuwait is sandwiched between Iraq and Libya in terms of oil reserve. To no surprise, when Iraq attempted to reclaim Kuwait as the 19th province of Iraq, it only took 5 day for the U.S. forces to intervene. More info Gulf War wikipedia


[photo above of Iraq's West Qurna Oil Field from article "Iraq's West Qurna 1 Reaches Production Milestone" - arabianoilandgas.com]

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