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

China Will Soon Be Drilling A Third Of Iraq’s Oil thumbnail

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.

Business Insider

4 Comments on "China Will Soon Be Drilling A Third Of Iraq’s Oil"

  1. BillT on Sat, 30th Mar 2013 2:33 am 

    Hahaha…nothing in the Iraq fiasco went as planned. Arrogance and stupidity was the game plan. The little Hitler and his Darth Vader VP, had no idea what they were doing. It was a grab for oil and to crush the oil for euros idea of Saddam. Didn’t work, did it? Ditto for Afghanistan.

    The Chinese are more safe from the Iraqis as they are visibly NOT American. However, a white Caucasian may not live long there. ‘Accidents’ happen as we are now considered ‘terrorists’ by the Iraqis.

  2. Norm on Sat, 30th Mar 2013 9:41 am 

    Way to go Bush Jr. Fighting wars so that China can have more oil. But along the way, his defense contractor stocks went up.

  3. Simon on Sun, 31st Mar 2013 2:37 am 

    I don’t at all understand how the US did not end up with all the oil considering that they occupied the country and set up a puppet government and to this day weild a big stick in the area. What happened? Almost puts to a test all the conspiracy theories about the war being about oil and how the US government is controlled by the big corporations…this would prove it all wrong.

  4. Arthur on Sun, 31st Mar 2013 10:01 am 

    Simon, the US did NOT occupy Iraq:

    According to the jewish war monger Edward Luttwak:

    “…the Americans defeated Saddam Hussein, but they did not really occupy Iraq. There is no. American and coalition forces have criss crossed Mesopotamia in all possible directions, but at no time did they hold more than a fraction of the territory of Iraq, and they do not hold any at present, except for parts of a few cities and some isolated bases. But that’s all.”

    The US 2nd generation warfare army was essentially beaten by 4th generation warfare Iraqi insurgents. The Americans in the end where trapped in the Green Zone and were lucky that the Iraqis were not armed to the extent as the Vietnamese were (who were armed by Chinese and Russian commies, your allies in WW2 against your mother civilization), otherwise the world had witnessed another embarrassing Saigon scene. The Maliki Shia government is NOT a US puppet regime, but is instead, surprise, surprise, an ally of Shia Iran. And that is the reason why much of the Iraqi oil goes to China. ‘Puppet’ Maliki’s attitude towards the US: thank you for toppling Saddam and now piss off.

    “Almost puts to a test all the conspiracy theories about the war being about oil and how the US government is controlled by the big corporations…this would prove it all wrong.”

    The Iraq invasion was not a war waged by ‘US corporations’, but was waged by the motives as expressed in the Clean Break document (Israeli interests) and PNAC documents (US global domination, also instigated by your ruling zionist class (‘neocons’)). The goal was to destroy a relatively potent opponent of Israel in the region, as well as control of the oil flow from the Gulf as a mean of global geopolitical supremacy. Oh, and they did not like it either that Saddam was willing to receive euros for his oil. And to set it all in motion, they needed 9/11. And bin Laden was so kind to do the US government the favour of giving them the pretext, if you want to believe

    By and large the invasion was a desaster for America and a gain for everybody else. Also it illustrates why Iran can have such a big mouth, because in the light of the Iraq experience, any invasion of mountainous Iran is outright out of the question. All US/Israel can do is bomb the mountains that contain the nuclear installations, giving Iran the pretext to shut off the Gulf, a measure against which the West will be impotent. Next Russia will threaten Europe to stay neutral or else it will shut off essential oil and gas deliveries and Europe will have no choice but to be very nice to Moscow or commit suicide. Bye, bye western alliance.

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