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Four China Oil Companies to Bid for Oil and Gas Exploration in Iraq

Xinhua. China National Petroleum Corp., China Petrochemical Corp., China National Offshore Oil Corp and Sinochem Corp are assessing fields in Iraq in preparation to bid for exploration rights. The Iraqi government is allowing 41 companies globally to bid.

China, which relies on imports for about half of its crude-oil needs, is seeking investment in overseas petroleum fields to satisfy growing energy demand from an economy that expanded 10.6 percent in the first quarter.

“Sinochem has completed evaluating 10 small fields in southeast Iraq,” Zeng [Xingqiu, Sinochem’s chief geologist] said. “The biggest risk is political uncertainty in that region. It’s difficult to predict when we can produce oil from the fields.”

Comments

steve

Let me see if I have this straight. We invade, we pay for the ongoing fiasco from borrowed money from China. In return, China gets the oil rights.

Oh the back room deals that must be going on while we "fight for freedom".

Totalitarians and fascists unite!!

Japan is in on it as well.

And so is Canada

allen_xl_z

Hell, everyones getting into the act, Norway, France, the Dutch, the South Koreans, over 40 companies from around the world are competing for a piece of the action.

ejj

I say let all these other countries have it....then they can fight their own future oil wars....and we can donate a few arms & maybe a small handful of advisors (if that). What goes around comes around. America has protected democracy enough and spent hundreds of billions of dollars in aid for what? To get s,hit on by our "allies"? To have our country invaded by third worlders and our good jobs sent away?

HarveyD

Over $2400 billions, widespread chaos, uncountable property destruction and many thousand lives latter, are we to go back or very close to the starting point, with Irak Oil Options. Saddam must be laughing in his tomb.

Historians will call it one of the most messy mismanaged endeavour.

However, the end of the Oil Age may viewed as the only positive outcome.

Roger Pham

If memory serves correctly, China lost a lot of investment money in the form of loans and investment in Iraq during the Saddam regime. It is now only fair that they should get some of that investment back. The invasion was inappropriate, and China, Russia, France and a bunch of other countries who have made investments and dealings with Saddam strongly objected to the invasion, lost a lot of money after the fall of Saddam, and should they now be shut out too?

Neil

I guess if you're going to invade a country on the premise of liberating people then you have to actually grant them their freedom to sell their resources to the highest bidder.

P Schager

It's quite healthy for several of the leading democracies to be pitching in on Iraq's oilfield development. They have the technical capacity and incentive to help Iraq become a backup "swing producer" for Saudi Arabia and thus reduce tensions on the region and help reduce the risks of high oil price instability. Plus it helps insulate against the toxic effect of the political-version-of-reality charge that the US intervention was only about its own interests.

But the US must use its influence strenuously to make sure China doesn't get too big a piece of this business, because China is, at best "neutral" about the political justice security in the country. At worst, their posture says they might in the future side fully with democracy-wreckers, such as plotters of, say, a self-coup, because it is against the West and could give them a privileged position in the country (As Saddam Hussein had promised them he'd do). Either way they would midwife the transition of a party that siezes raw power, and only needs continuity of the source of that power which is the oil revenue. America's allies can be prevailed upon, if necessary, to use their weight to take a stand for justice and for the Iraqi people, but if you think China will, just look at Darfur.

Of course, the worst thing would be for an oil availability improvement to lull us into slacking off on the desperately-needed development of the de-geopoliticizing solution of large-scale alternative energy development, and China's presence only amplifies that. Oil business fixes aren't long-term solutions for anything.

The soldiers who volunteered to serve and went to Iraq overwhelmingly volunteered to fight to secure freedom, not anything else. We honor them (or their memories) only by taking all these things seriously. Not to mention the far more numerous people in the world whose freedom is at risk.

Paul

The fact of the matter is, we are fighting to allow the people of Iraq a better life and with oil exploration, they will have a much better life. But if other countries get the contracts, that will be a big slap in the face and it will say a lot about the region.
Screw China, let them buy what other countries produce or drill for. That is just to much greed.

J T

Other countries are laughing at Yankee hicks following the Bush boondoggle. Norway, France, the Dutch, the South Koreans, Canada, Japan, ... all were sort of expected to be 'partners' with the USA and get a little dribble of oil as compensation. It hasn't worked out that way. China has a market for ALL of the oil, not just a dribble.

What China is doing by bidding on the Iraq oil, is to prove that the war is about oil, not about freedom.

The Stars and Stripes is now an oil soaked rag.

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