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Iraq Signs ($17 billion) Gas Deal With Shell, Mitsubishi [View All]

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Turborama Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-27-11 10:12 AM
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Iraq Signs ($17 billion) Gas Deal With Shell, Mitsubishi
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Edited on Sun Nov-27-11 10:33 AM by Turborama
Source: AP Via Salon

Iraq on Sunday signed a multibillion-dollar deal with Royal Dutch Shell PLC and Japans Mitsubishi Corp. to tap natural gas in the south, one of the biggest agreements by the OPEC member to develop an energy sector battered by years of neglect and war.

The $17 billion deal forms a joint venture to gather, process and market gas from three oil fields in the oil-rich province of Basra. That gas, pumped in conjunction with crude oil, is currently burned off or flared due to lack of infrastructure.

The 25-year joint venture is called Basra Gas Company. Iraq will hold a 51 percent stake, to Royal Dutch Shells 44 percent and Mitsubishis 5 percent shares. The gas will be used mainly for domestic energy needs, but there is also an option for exports.


Shell CEO Peter Voser told reporters that Iraq is now a substantial part of Royal Dutch Shells portfolio in the Middle East.


"Iraq burns off almost half of the 1.5 billion cubic feet per day of gas that it produces."

I can't even imagine how big 1.5 billion cubic feet is, but reading about that sort of green house gas emission PER DAY just from wastage blows my mind and freaks. me. out!
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  -Iraq Signs ($17 billion) Gas Deal With Shell, Mitsubishi Turborama  Nov-27-11 10:12 AM   #0 
  - Mission accomplished. nt  TBF   Nov-27-11 10:25 AM   #1 
  - Royal Dutch Shell is a Dutch/UK company and Mitusbishi is a Japanese company.  DCBob   Nov-27-11 10:35 AM   #3 
     - Read response #2 - if you still have any questions about global capital pls. get back to me. nt  TBF   Nov-27-11 10:47 AM   #5 
     - So you would prefer Iraq to repay us the 1 trillion in oil profits?  DCBob   Nov-27-11 10:52 AM   #7 
        - The point is that capital is global, no one who owns a multi-national company really cares  TBF   Nov-27-11 01:31 PM   #18 
           - I thought the US had a grand scheme to rape Iraq's oil wealth?  DCBob   Nov-27-11 03:47 PM   #19 
              - If you thought that you were misinformed - capital is global. But I do believe you know that. nt  TBF   Nov-27-11 06:36 PM   #23 
     - Nationality is meaningless for the Ruling Class, they are all buddies.  Odin2005   Nov-27-11 11:13 PM   #24 
  - THE WINNER AND NEW WORLD CHAMPION IS ....SHELL !!  russspeakeasy   Nov-27-11 10:35 AM   #2 
  - So what oil company would you prefer make this deal?  DCBob   Nov-27-11 10:52 AM   #6 
  - Unlike you, Bob, I don't pick 'em, I just announce 'em.  russspeakeasy   Nov-27-11 11:06 AM   #8 
     - You seem upset we spent $1 trillion and arent getting the spoils.  DCBob   Nov-27-11 03:49 PM   #20 
        - Actually what upsets me is using our blood and treasure  russspeakeasy   Nov-27-11 04:24 PM   #21 
           - Please dont forgot who started this disaster about 8 years ago.  DCBob   Nov-27-11 05:04 PM   #22 
  - You got that right  lovuian   Nov-27-11 11:17 AM   #10 
  - From a strategic standpoint  naaman fletcher   Nov-27-11 11:35 AM   #11 
  - Hey, wait, wasn't that *OUR* gas and oil?  BiggJawn   Nov-27-11 10:40 AM   #4 
  - Read the article  Seedersandleechers   Nov-27-11 11:16 AM   #9 
  - It's actually a New Jersey company.  plumbob   Nov-27-11 12:09 PM   #14 
     - From the article I read this  Seedersandleechers   Nov-27-11 12:20 PM   #16 
  - Burning off the gas at the well site of an oil drill has been normal  Marnie   Nov-27-11 11:48 AM   #12 
  - Sounds like a great source of easily accessible energy  Islandlife   Nov-27-11 11:56 AM   #13 
  - Burning anything during drilling would be insanely dangerous.  plumbob   Nov-27-11 12:19 PM   #15 
  - This should be entitled: "The Return of the IPC"  TomClash   Nov-27-11 01:14 PM   #17 

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