Foreign Correspondence

[Amaunet]

Steph did you catch this? Not one American company since 1998 bid for a contract to develop Iraq’s oil when and if the sanctions were lifted. The development programs were not to begin until the sanctions were lifted. They wouldn’t be out anything or that much according to this, unless I am missing something. Did the American companies know the United States was going to invade Iraq as far back as 1998 and as such did not have to bid for Iraqi contracts? U.S. companies routinely sign production-sharing contracts.

Sorry this just caught my eye. Tell me your dog ate your homework and you are off the hook.

-Am

A member of the Forum speculated that Amoco and Mobile are betting that the United Nations and the United States will not lift sanctions on Iraq for a long time and, therefore, are putting their money on the Caspian oil.
Picco commented that, on the one hand sanctions can last a very, very long time; on the other hand, everything changes over time.
Many non-American companies are betting that the sanctions will end. In Iraq today, 48 oil companies from 29 countries have been signing contracts. "There is not one American company that has done that. Nevertheless, in the long run," said Picco, "America has a much bigger chance in Iraq than any other place."
http://thunder1.cudenver.edu/inst_intl_bus/gef/issues/98july/caspian.html

Since 1998, Iraq has seriously begun extensive negotiation with foreign companies to sign contracts for developing it's oil and gas industry, eventhough, the UN sanction to this date continue without a clear deadline. Iraq's goal through these negotiations in 1998 and 1999, has been to pave the grounds for export of 2845 thousand b/d from its production. It is interesting to note that the negotiation for these development projects which requires 18-19 billion dollars has been in the context of production-sharing contracts; a great number of which has reached the final stage. So the development programs will begin immediately, once the sanctions are lifted. Iraq is also determined to implement its gas development plans right after the sanctions are lifted. It is worthwhile to point out that, Russian and Chinese oil companies are having a strong presence in Iraq's oil and gas development programs, and the U.S. is the only country that it's oil and gas companies are absent.
http://www.gasandoil.com/ogel/samples/freearticles/article_24.htm