Iraq signs oil field development contract with British and Chinese oil companies

Back in 2007 the Bush administration had made the passing of an oil law a benchmark of progress in Iraq. There is still no oil law and consideration of an oil law will not take place until after after the January elections--assuming they actually take place in January! While waiting for the law to be passed the Iraqi govt. has nevertheless been able to sign several agreements to develop some oil fields. The Kurdish regional govt. already passed an oil law and has a number of contracts with foreign contracts but these have not been approved by the federal govt.This excerpt is from UPI.

The Iraqi government has again postponed debate on a much-stalled hydrocarbons law until after parliamentary elections slated for Jan. 15, according to legislative sources, further complicating efforts to attract major oil companies to invest in Iraq's rundown oil industry.

These excerpts are from the NYTimes.

''Iraq Signs Contract to Develop Oil Field
By TIMOTHY WILLIAMS
Published: November 3, 2009
BAGHDAD - Iraq formally signed a contract with a consortium of foreign oil companies Tuesday to develop its largest oil field.

A partnership of British Petroleum and the Chinese National Petroleum Company signed a 20-year deal to develop the Rumalia field in southern Iraq, which contains about 17.8 billion barrels of oil.

The field currently produces about one million barrels per day, but the companies plan to increase production to 2.85 million barrels per day within six years.

Rumalia had been the only oil field awarded during an auction of Iraq's best fields in June.

But earlier this week, Iraq signed an initial oil agreement on the 4.1 billion barrel Zubair oil field with a consortium of Eni, an Italian oil company, the United States-based Occidental Petroleum, and the Korea Gas Corporation from South Korea.''