Iraq’s Oil to be divied up by Exxon, Chevron, BP
A comprehensive report has analyzed the “production sharing agreements” signed by Bremer:
Iraqi public opinion is strongly opposed to handing control over oil development to foreign companies. But with the active involvement of the US and British governments a group of powerful Iraqi politicians and technocrats is pushing for a system of long term contracts with foreign oil companies which will be beyond the reach of Iraqi courts, public scrutiny or democratic control.
Economic projections published here for the first time show that the model of oil development that is being proposed will cost Iraq hundreds of billions of dollars in lost revenue, while providing foreign companies with enormous profits.
At an oil price of $40 per barrel, Iraq stands to lose between $74 billion and $194 billion over the lifetime of the proposed contracts, from only the first 12 oilfields to be developed.
The executive summary of the report can be found here, or the full report is here: html web page — 2.3mb pdf
Re: Iraqi Money- that’s $194 billion at $40 per barrel, but it’s $60 now and could go much higher…
And that estimate is only for, “the first 12 oilfields to be developed.” There are 80 total, 17 given to the Iraqi gov’t, that’s 63 left for the corporations.
So the $194 Billion is a lowball estimate, it’s more like a Trillion $$ or more that will be stolen from the Iraqi people, and given to big fat pigs.
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