theory
04-05-2003, 05:22 PM
ChevronTexaco Willing to Develop Iraqi Oil
Sat April 5, 2003 08:25 AM ET
ASTANA (Reuters) - U.S. oil major ChevronTexaco said on Saturday it would be interested in any tender rights to develop Iraq's abundant oil resources if there was a legitimate government in place in Baghdad.
"If an oil tender is made by a legitimate government that can guarantee terms and conditions for the long term, we would certainly be interested," ChevronTexaco Chairman and Chief Executive Officer David O'Reilly said in an interview.
"But until such a circumstance arises, I can see very little reason why a company would be interested," he told Reuters in the new Kazakh capital Astana.
Oil analysts have said that ChevronTexaco, ExxonMobil and ConocoPhillips of the United States are likely to compete with Anglo-Dutch Shell Group, Britain's BP and TotalFinaElf of France for major production contracts should post-war Iraq privatize its oil industry.
But the Organization of the Petroleum Exporting Countries fears that heavy early investment in Iraq might flood oil markets, hitting prices and undermining OPEC's strategy of production restrictions to support $25-a-barrel crude.
In any event, if President Saddam Hussein is removed any future government would have to decide on whether to involve foreigners in oil projects.
"Our position on Iraq is very clear: Iraqi oil belongs to the Iraqi people," O'Reilly said. "And it is only with the approval of the Iraqi government that any oil company can be involved in the development of oil in Iraq."
interesting pieces:
The Secret History of the Agapa Pipeline
http://www.guerrillanews.com/war_on_terrorism/doc1510.html
Crude Visions:Rumsfield pipeline connections
http://www.guerrillanews.com/corporate_crime/doc1513.html
Sat April 5, 2003 08:25 AM ET
ASTANA (Reuters) - U.S. oil major ChevronTexaco said on Saturday it would be interested in any tender rights to develop Iraq's abundant oil resources if there was a legitimate government in place in Baghdad.
"If an oil tender is made by a legitimate government that can guarantee terms and conditions for the long term, we would certainly be interested," ChevronTexaco Chairman and Chief Executive Officer David O'Reilly said in an interview.
"But until such a circumstance arises, I can see very little reason why a company would be interested," he told Reuters in the new Kazakh capital Astana.
Oil analysts have said that ChevronTexaco, ExxonMobil and ConocoPhillips of the United States are likely to compete with Anglo-Dutch Shell Group, Britain's BP and TotalFinaElf of France for major production contracts should post-war Iraq privatize its oil industry.
But the Organization of the Petroleum Exporting Countries fears that heavy early investment in Iraq might flood oil markets, hitting prices and undermining OPEC's strategy of production restrictions to support $25-a-barrel crude.
In any event, if President Saddam Hussein is removed any future government would have to decide on whether to involve foreigners in oil projects.
"Our position on Iraq is very clear: Iraqi oil belongs to the Iraqi people," O'Reilly said. "And it is only with the approval of the Iraqi government that any oil company can be involved in the development of oil in Iraq."
interesting pieces:
The Secret History of the Agapa Pipeline
http://www.guerrillanews.com/war_on_terrorism/doc1510.html
Crude Visions:Rumsfield pipeline connections
http://www.guerrillanews.com/corporate_crime/doc1513.html