Iraq's Oil

[Prophet 451]

Interesting story from the Beeb (link below). Any guesses as to how long this will last before the neocons overrule it?

http://news.bbc.co.uk/1/hi/world/middle_east/6399257.stm

[Erika]

1. You mean "We broke it so we own it" is over?

They can start paying their own way?

[Prophet 451]

2. In theory

If this law stands, Iraq would get the money from it's oil revenues. That said, since firstly, there's a lot more money for the IOCs in not pumping Iraq's oil; secondly, Bush sure as hell didn't invade for the good of the Iraqis (we still don't know why he did invade but it certainly wasn't that) and thirdly, I seem to remember Bremner banned this kind of stratergy when he was in charge, I don't expect it to stand.

that said, teh devil, as always, is in the details. The IOCs aren't just resellers of oil, they get a big chunk of the base price from profit-sharing agreements so it may be that Iraq would only get, say, 10% of the oil revenues.

[stillcool]

3. keep your eye on the prize....

The draft bill must now be submitted to Iraq's parliament for a vote.

The cabinet decision to back the oil law came two months after the government's own deadline for legislation to come into force.

World Story
RSS
Allies pressure Iraq to hand over oil
5:00AM Monday February 26, 2007

LONDON - Baghdad is under pressure from Britain and the United States to pass an oil law which would hand long-term control of Iraq's energy assets to foreign multinationals, according to campaigners.

Iraqi trades unions have called for the country's oil reserves - the second-largest in the world - to be kept in public hands. But a leaked draft of the oil law shows that the Government would sign away the right to exploit its untapped fields in so-called exploration contracts, which could be extended for more than 30 years.

British Foreign Office Minister Kim Howells has admitted that the Government has discussed the wording of the Iraqi law with Britain's oil giants.
http://www.nzherald.co.nz/section/2/story.cfm?c_id=2&ob...