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The Reasons Behind Big Oil Declining Iraq's Riches

TIME -- Any notion that the invasion of Iraq was simply an oil grab took another hit on Tuesday when Baghdad opened the bidding on the rights to develop its massive energy reserves. In a day-long 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 of Oil and the oil companies."

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Submitted Jul 04, 2009 By: JOHNNY95206

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Bud122CA Champion Author California Posts:2,970 Points:678,505 Joined:Jul 2008	Message Posted: Jul 4, 2009 4:28:51 PM Ignore Bud122CA Report Abuse So Bush invaded just for the oil????
rjoeh Champion Author Michigan Posts:3,795 Points:1,583,840 Joined:Jun 2004	Message Posted: Jul 4, 2009 4:27:07 PM Ignore rjoeh Report Abuse An auction should not have the seller impose a ton of requirements on the bidders if they want to sell the commodity. As rookies in the world oil business after several years of being out of business... this reaction was no surprise to many, despite news reports.
buggydeb Champion Author Florida Posts:3,837 Points:722,190 Joined:Jun 2008	Message Posted: Jul 4, 2009 4:26:52 PM Ignore buggydeb Report Abuse We need to start drilling here or figure out some other alternative energy fuel..!(and I dont mean ethanol)
silverfox63 Champion Author Michigan Posts:3,349 Points:669,745 Joined:Oct 2008	Message Posted: Jul 4, 2009 4:24:44 PM Ignore silverfox63 Report Abuse Would like to see full disclosure of all the terms the Ministry of Oil had for these oil companies that they balked so much.
papou Champion Author Tampa Posts:5,678 Points:936,210 Joined:Jul 2005	Message Posted: Jul 4, 2009 4:23:35 PM Ignore papou Report Abuse all a bunch of bull less demand lower prices that simple, Conserve and make it go lower.
yoeric Rookie Author Colorado Posts:12 Points:21,515 Joined:Jul 2005	Message Posted: Jul 4, 2009 4:20:38 PM Ignore yoeric Report Abuse Perhaps the reasons are this.... down economy - which means down demand - which means up supply - which means freighters circling in the ocean waiting for higher prices before dockinglets think about this... the storage capacity is peaking and demand is down...hmmmm I guess the kings and sheiks are going to have to take a pay cut just like the rest of us! Power to the people and at the pump, lets just hope the governments aren't going to raise taxes when the prices are low.
eddyp94 Champion Author Ontario Posts:4,166 Points:870,410 Joined:Mar 2008	Message Posted: Jul 4, 2009 4:18:34 PM Ignore eddyp94 Report Abuse lets hope this brings down oil prices...
rocket_up Champion Author Albuquerque Posts:1,365 Points:328,335 Joined:Apr 2008	Message Posted: Jul 4, 2009 4:17:09 PM Ignore rocket_up Report Abuse A lot of problems could have been solved if we just went in for oil.
gabbygusIN Champion Author Indiana Posts:2,370 Points:596,125 Joined:Oct 2008	Message Posted: Jul 4, 2009 4:17:06 PM Ignore gabbygusIN Report Abuse Go Dellman!
Lukus Champion Author Halifax Posts:3,499 Points:711,290 Joined:Nov 2007	Message Posted: Jul 4, 2009 4:10:06 PM Ignore Lukus Report Abuse Did the US expect to just walk in and have it all handed to them. That would George's (Bush) figuring.
TopGunn Champion Author Baltimore Posts:4,244 Points:1,640,735 Joined:Aug 2004	Message Posted: Jul 4, 2009 4:07:10 PM Ignore TopGunn Report Abuse If the costs are greater than the returns - so be it. [Edited by: TopGunn at 7/4/2009 5:08:00 PM EST]
Ken2OD Champion Author Grand Rapids Posts:4,093 Points:998,535 Joined:Dec 2005	Message Posted: Jul 4, 2009 3:53:27 PM Ignore Ken2OD Report Abuse When Iraqi factions have been warring against each other since the beginning of time (Cain vs. Abel), how can you expect them to agree and cooperate with each other now? Someone must be still living in Neverland.
ladyeagle57 Champion Author Maine Posts:3,997 Points:574,615 Joined:Aug 2008	Message Posted: Jul 4, 2009 3:50:45 PM Ignore ladyeagle57 Report Abuse This was not a political article, it was simply about why the Big Oil declined Iraq: "Despite the rich deposits on offer, energy companies were put off by the prices demanded by the Iraqi government, and continuing concerns over the security situation in the country. And their caution has dealt a blow to Baghdad's efforts to raise billions of dollars desperately needed to rebuild."
THEDodgeman Champion Author Denver Posts:3,064 Points:971,985 Joined:Apr 2005	Message Posted: Jul 4, 2009 3:38:31 PM Ignore THEDodgeman Report Abuse Ditto.....
hangupanddrive Champion Author Michigan Posts:1,831 Points:1,157,655 Joined:Aug 2005	Message Posted: Jul 4, 2009 3:35:10 PM Ignore hangupanddrive Report Abuse Dellman tells the way it is...!!
ReberGas Champion Author Milwaukee Posts:1,817 Points:167,565 Joined:Nov 2008	Message Posted: Jul 4, 2009 3:30:38 PM Ignore ReberGas Report Abuse Amen, Dellman
zeddieiv Champion Author Columbia Posts:3,568 Points:1,065,495 Joined:Oct 2006	Message Posted: Jul 4, 2009 3:25:44 PM Ignore zeddieiv Report Abuse I compleatly agree, Dellman! Whay a wise observation.
DellMan Champion Author Omaha Posts:1,917 Points:442,925 Joined:Apr 2008	Message Posted: Jul 4, 2009 3:22:30 PM Ignore DellMan Report Abuse To all you Bush and Chaney bashers you need to check your facts. Neither Bush president nor VP Chaney ever said anything about the war being for oil. It was your Liberal buddies and the anti war groups who spewed this garbage. I have been following all of this very closely since the first Gulf War; I served my country proudly in Saudi Arabia and Iraq. There was never any mention of Iraq paying us back with oil. This is another story made up by Anti War idiots and the Democrats who were doing and saying anything to make the Republicans look bad. The rate your blowhard president, Obama, is going he will go down in history as the last president of the United States of America because we defaulted on our loans due to the massive debt in put us into. I hope you learn other languages quickly. You will need to learn Chinese and Spanish by the time he is done. China will be able to walk right in without firing a shot because they own so much of our debt. Now he wants to let those in this country illegally just become citizen so he can have more votes. Maybe this is what Nostradamus saw happening when he predicted the world would end in 2012, an Obama presidency.
jjjleblanc Champion Author Rochester Posts:2,206 Points:624,700 Joined:Jun 2008	Message Posted: Jul 4, 2009 3:21:13 PM Ignore jjjleblanc Report Abuse It has to be open for bids.
jppezz Champion Author New Mexico Posts:3,639 Points:715,180 Joined:Jun 2008	Message Posted: Jul 4, 2009 3:20:56 PM Ignore jppezz Report Abuse he will try to blame Bush he tries to blame for everything else.
netman044 Champion Author Texas Posts:3,844 Points:646,060 Joined:Sep 2005	Message Posted: Jul 4, 2009 3:18:55 PM Ignore netman044 Report Abuse The oil companies have shown that there is a point they won't go beyond. Iraq may have to give more to have the foreign companies take care of their oil industry.
Brewernut All-Star Author Milwaukee Posts:854 Points:320,330 Joined:Oct 2008	Message Posted: Jul 4, 2009 3:15:09 PM Ignore Brewernut Report Abuse this is not a shock that is not why we went to war, we should all know that.
TerryLee Champion Author Ohio Posts:11,387 Points:2,143,965 Joined:Mar 2004	Message Posted: Jul 4, 2009 3:14:44 PM Ignore TerryLee Report Abuse No it's up to Pres. Obamaa to have them pay us back.. Now if he doesn't then not Bush's fault.
Weirdomania1 Champion Author Orange County Posts:2,794 Points:516,465 Joined:Jan 2008	Message Posted: Jul 4, 2009 3:10:15 PM Ignore Weirdomania1 Report Abuse thanks bush sr and the younger what true americans... I hope history records this correctly! two of the worst if not THE worst presidents. EVER....
katmandue Champion Author Detroit Posts:3,150 Points:1,171,755 Joined:Jul 2006	Message Posted: Jul 4, 2009 3:01:07 PM Ignore katmandue Report Abuse I am not an idiot but the Iraq war was for the Bush and Cheney even said so. $50 billion over in 6 months and Iraq would repay us afterward with its oil!
georgeo Champion Author California Posts:2,511 Points:102,385 Joined:May 2009	Message Posted: Jul 4, 2009 2:59:19 PM Ignore georgeo Report Abuse Bush, Cheney and the Neocons thought we were in Iraq for the oil. Iraq thinks they are a big deal now.
Wildman14 Champion Author Virginia Posts:1,499 Points:417,000 Joined:Jul 2008	Message Posted: Jul 4, 2009 2:58:14 PM Ignore Wildman14 Report Abuse All alternatives now, except nuclear. (Let them swim in their oil.)
blink25 All-Star Author Missouri Posts:783 Points:211,240 Joined:Nov 2008	Message Posted: Jul 4, 2009 2:55:29 PM Ignore blink25 Report Abuse once again,,,,they got it and we want it...use our own drop the price and force the rest of the world to drop prices to a reasonable level
krell58 Champion Author Missouri Posts:5,792 Points:1,143,705 Joined:Apr 2006	Message Posted: Jul 4, 2009 2:54:30 PM Ignore krell58 Report Abuse Iraq was invaded because they were selling too cheap. Cut the flow raise the price.
flyfast Champion Author Kansas City Posts:4,511 Points:877,350 Joined:Jan 2008	Message Posted: Jul 4, 2009 2:50:43 PM Ignore flyfast Report Abuse time to send a bill
buckoMD Champion Author Maryland Posts:3,240 Points:711,950 Joined:Jul 2007	Message Posted: Jul 4, 2009 2:47:38 PM Ignore buckoMD Report Abuse Only idiots ever thought that we were in Iraq for the oil.
Tucker1961 Sophomore Author Seattle Posts:202 Points:21,125 Joined:Jun 2009	Message Posted: Jul 4, 2009 2:44:41 PM Ignore Tucker1961 Report Abuse By the time Iraq develops it's oil fields I hope we are off the Oil standard.
w4kh Champion Author Riverside Posts:6,866 Points:1,276,520 Joined:May 2004	Message Posted: Jul 4, 2009 2:42:08 PM Ignore w4kh Report Abuse Ask too much, offer little protection, and who wants to pay for developing Iraq's oil fields with not much chance for a return? Another case of GREED in the Oil business blowing up in the face of an arrogant party.
stugha Champion Author Massachusetts Posts:2,161 Points:266,065 Joined:Sep 2006	Message Posted: Jul 4, 2009 2:40:58 PM Ignore stugha Report Abuse We gave lives to win their freedom and get the shaft.
kidrockTX Champion Author Fort Worth Posts:3,854 Points:508,370 Joined:Sep 2008	Message Posted: Jul 4, 2009 2:40:08 PM Ignore kidrockTX Report Abuse we need something other then oil
Paw5X Champion Author Gary Posts:5,714 Points:1,542,670 Joined:May 2005	Message Posted: Jul 4, 2009 2:32:45 PM Ignore Paw5X Report Abuse Well, well, Imagine that!
snewwee Champion Author Detroit Posts:4,984 Points:1,013,130 Joined:Sep 2007	Message Posted: Jul 4, 2009 2:29:59 PM Ignore snewwee Report Abuse Their terms probably started with an opening bid that no one wanted to start at.
BamaPack All-Star Author Atlanta Posts:852 Points:227,095 Joined:Sep 2008	Message Posted: Jul 4, 2009 2:28:57 PM Ignore BamaPack Report Abuse interesting...didn't know it worked that way
korklenut All-Star Author Tacoma Posts:755 Points:153,655 Joined:Mar 2009	Message Posted: Jul 4, 2009 2:22:29 PM Ignore korklenut Report Abuse So what. Just proves we don't want of their oil.
CUBBUC Champion Author Florida Posts:3,123 Points:425,040 Joined:May 2008	Message Posted: Jul 4, 2009 2:18:58 PM Ignore CUBBUC Report Abuse Happy Independence day to everyone!
ssect8 Champion Author Hartford Posts:3,092 Points:1,222,125 Joined:Jun 2006	Message Posted: Jul 4, 2009 2:17:03 PM Ignore ssect8 Report Abuse Did you expect anything else from a member of the blackmailing OPEC countries?
hoosierdaddyno1 All-Star Author Indiana Posts:937 Points:472,740 Joined:Oct 2008	Message Posted: Jul 4, 2009 2:16:27 PM Ignore hoosierdaddyno1 Report Abuse Why does countries who were not involved in the conflict and gave NO LIVES FOR THEIR FREEDOM get chances at the oil there?