China Will Soon Be Drilling A Third Of Iraq's Oil

[Doritos11]

China Will Soon Be Drilling A Third Of Iraq's Oil

Ten years after the invasion of Baghdad, major American oil companies are staying away from investing in Iraq's oil resources, McClatchy's Sean Cockerham reports.
Instead, many of Iraq's newest oil fields are now controlled by Chinese.
Iraq possesses the second-largest oil deposit in the world, in the West Qurna region. Forbes says the country could easily become the second-largest oil producer in the world after Saudi Arabia.
Only Exxon and Occidental have active stakes in Iraqi oil fields. The reason for America's relative absence, Cockerham writes, is that the country is still too unstable.
Chinese firms don't seem to mind that as much, he says: one third of all future Iraqi oil production is expected to come from Chinese-owned fields.
There are in fact many U.S. drillers, including Halliburton, operating in the fields themselves, Cockerham notes.
But folks like Chevron, ConocoPhillips and Suncor are nowhere to be seen.
This does not mean the U.S. is not receiving zero oil from Iraq. We still import more than 173 million barrels of oil from there a year.
But that's actually not all that much — about 4.4 percent of our entire import base, according to EIA data.
And that's down from about ten years ago — once the country's economy came back online — when we were taking in 240 million bby.
It's certainly not the situation many predicted we'd be in in 2013.



What is the US reaction on this ?

 

[Syrian Lion]

I think Iraq heading toward the east is better, the west can not be trusted...

 

[Genesis]

China Will Soon Be Drilling A Third Of Iraq's Oil

Ten years after the invasion of Baghdad, major American oil companies are staying away from investing in Iraq's oil resources, McClatchy's Sean Cockerham reports.
Instead, many of Iraq's newest oil fields are now controlled by Chinese.
Iraq possesses the second-largest oil deposit in the world, in the West Qurna region. Forbes says the country could easily become the second-largest oil producer in the world after Saudi Arabia.
Only Exxon and Occidental have active stakes in Iraqi oil fields. The reason for America's relative absence, Cockerham writes, is that the country is still too unstable.
Chinese firms don't seem to mind that as much, he says: one third of all future Iraqi oil production is expected to come from Chinese-owned fields.
There are in fact many U.S. drillers, including Halliburton, operating in the fields themselves, Cockerham notes.
But folks like Chevron, ConocoPhillips and Suncor are nowhere to be seen.
This does not mean the U.S. is not receiving zero oil from Iraq. We still import more than 173 million barrels of oil from there a year.
But that's actually not all that much — about 4.4 percent of our entire import base, according to EIA data.
And that's down from about ten years ago — once the country's economy came back online — when we were taking in 240 million bby.
It's certainly not the situation many predicted we'd be in in 2013.



What is the US reaction on this ?

nothing, if they had a reaction, China won't be able to drill. US is still in Iraq sort of right?

 

[Doritos11]

nothing, if they had a reaction, China won't be able to drill. US is still in Iraq sort of right?

Big embassy staff which they are reducing in large numbers only.
No military forces except small numers of security personell.

But Iraq was looking to replace US companies with Russian companies earlier, so this might work out.

 

[ChineseTiger1986]

Our new President has released a message, we are not only interested on the countries with rich natural resources.

Xi Jinping has visited many African countries with little natural resources and promised to invest heavily in those countries.

So the West should stop using those rhetorical headlines about China stealing the natural resources from others.

 

[Genesis]

Our new President has released a message, we are not only interested on the countries with rich natural resources.

Xi Jinping has visited many African countries with little natural resources and promised to invest heavily in those countries.

So the West should stop using those rhetorical headlines about China stealing the natural resources from others.

They should choose their words wisely, if China pays for it that's not stealing, that's buying. A capitalist country like America should know the difference between buying and stealing right? Then again..... look who I'm talking about....

 

[ChineseTiger1986]

They should choose their words wisely, if China pays for it that's not stealing, that's buying. A capitalist country like America should know the difference between buying and stealing right? Then again..... look who I'm talking about....

Yeah, we are buying the oïl, while USA is looting the oïl, there is a fundamental difference here.

 

[Syrian Lion]

Also China will do gas drilling in Syria?

Syria Reviews with Russian and China Opportunities for Oil and Gas Exploration in Territorial Waters


Minister of Petroleum and Mineral Resources, Suleiman al-Abbas, reviewed with Ambassadors of Russia and China in Damascus the investment opportunities for oil and gas exploration in open areas and Syrian territorial waters.

In separate meetings with the two ambassadors on Thursday, al-Abbas discussed cooperation relations between the Oil Ministry and the Russian and Chinese companies in oil and gas exploration and developing existing fields to increase productivity and import of oil industry equipment.

The Minister indicated the existence of interesting new oil discoveries in Egypt, Palestine, Cyprus and Lebanon, referring to a report issued by the United States Geological Survey on estimates of the potentials available at Levantine Basin in eastern Mediterranean which stretches from Palestine in the south to Lattakia in the north reaching Cyprus in the west.

Al-Abbas clarified that this Basin was estimated to contain potential reserves of 3,455 billion square meter of gas, voicing the Ministry's desire to cooperate with the Russian and Chinese companies in sea exploration.

For their parts, the Russian and Chinese ambassadors stressed the deep cooperation relations between their countries and Syria in all fields, particularly the oil and gas fields, expressing hope to upgrade this cooperation to the level of political cooperation.

Syrian Arab news agency - SANA - Syria : Syria news ::

 

[ChineseTiger1986]

Also China will do gas drilling in Syria?

Syria Reviews with Russian and China Opportunities for Oil and Gas Exploration in Territorial Waters


Minister of Petroleum and Mineral Resources, Suleiman al-Abbas, reviewed with Ambassadors of Russia and China in Damascus the investment opportunities for oil and gas exploration in open areas and Syrian territorial waters.

In separate meetings with the two ambassadors on Thursday, al-Abbas discussed cooperation relations between the Oil Ministry and the Russian and Chinese companies in oil and gas exploration and developing existing fields to increase productivity and import of oil industry equipment.

The Minister indicated the existence of interesting new oil discoveries in Egypt, Palestine, Cyprus and Lebanon, referring to a report issued by the United States Geological Survey on estimates of the potentials available at Levantine Basin in eastern Mediterranean which stretches from Palestine in the south to Lattakia in the north reaching Cyprus in the west.

Al-Abbas clarified that this Basin was estimated to contain potential reserves of 3,455 billion square meter of gas, voicing the Ministry's desire to cooperate with the Russian and Chinese companies in sea exploration.

For their parts, the Russian and Chinese ambassadors stressed the deep cooperation relations between their countries and Syria in all fields, particularly the oil and gas fields, expressing hope to upgrade this cooperation to the level of political cooperation.

Syrian Arab news agency - SANA - Syria : Syria news ::

The most important for us in Syria is not oïl, but a stronghold that connects to Europe and Africa for our future silk road.

And unfortunately, that's why probably the main reason that Uncle Sam is going after you guys.

 

[Syrian Lion]

The most important for us in Syria is not oïl, but a stronghold that connects to Europe and Africa for our future silk road.

And unfortunately, that's why probably the main reason that Uncle Sam is going after you guys.

that's one reason, but there are other factors that the west wants to destroy Syria...

and if Chinese companies do drilling in Syria, that will keep a good presence...

 

[ChineseTiger1986]

that's one reason, but there are other factors that the west wants to destroy Syria...

and if Chinese companies do drilling in Syria, that will keep a good presence...

Another reason is to surround Iran, but your President is definitely working with China/Russia/Iran to collapse the world order set by USA.

There is no retreat, we are all on the same boat, USA will not let any of us live in peace.

The new silk road is too hard for USA to swallow, it will eventually get isolated from the Afro-Eurasia supercontinent, meanwhile most of South America is anti-USA, and with the US dollar going down the toilet, their global hegemony will no longer exist.

 

[Syrian Lion]

Another reason is to surround Iran, but your President is definitely working with China/Russia/Iran to collapse the world order set by USA.

There is no retreat, we are all on the same boat, USA will not let any of us live in peace.

The new silk road is too hard for USA to swallow, it will eventually get isolated from the Afro-Eurasia supercontinent, meanwhile most of South America is anti-USA, and with the US dollar going down the toilet, their global hegemony will no longer exist.

hopefully the BRICS will start their own bank soon... and also BRICS need to be stronger politically.. and maybe the SCO should expand?

 

[ChineseTiger1986]

hopefully the BRICS will start their own bank soon... and also BRICS need to be stronger politically.. and maybe the SCO should expand?

To venture into the new business is always risky, for anyone of us.

President Assad has the strategic vision to use the advantage of Syria's strategic geographic position being part of this mega project, if he succeeds, he will bring much more benefits to his people.

Maybe Iran and Syria should be part of the SCO in the near future.

 

[Jackdaws]

China needs oil to fuel its economic growth. It is buying the oil from Iraq. It is well within its rights to do so. No one has the right to question its intentions or its motives.

 

[Saurabh jindals]

Another reason is to surround Iran, but your President is definitely working with China/Russia/Iran to collapse the world order set by USA.

There is no retreat, we are all on the same boat, USA will not let any of us live in peace.

The new silk road is too hard for USA to swallow, it will eventually get isolated from the Afro-Eurasia supercontinent, meanwhile most of South America is anti-USA, and with the US dollar going down the toilet, their global hegemony will no longer exist.

Don't drag china unnecessarily everywhere, here its because west wants a gas pipeline from oman to europe and Russia does not want this happened at any cost as this will end russian monopoly and 100% destruction economically.