China and Turkey buy up Iraqi oil fields. Is this what we fought for in Iraq — to secure an oil supply for the Chinese and rapidly-Islamizing Turkey? “CNOOC Seals Deal on Iraq Oil Field,” by Chen Zhu for Caixin Online, May 18 (thanks to D.):
CNOOC Ltd., the Hong Kong-listed unit of China National Offshore Oil Corp. has partnered with the state-run Turkish Petroleum Corp. (TPAO) to win a contract with Iraq to develop the lucrative Missan oil-field in southern Iraq, marking CNOOC’s first upstream access to Iraqi oil following its two major rivals, CNPC and Sinopec.
According to CNOOC, the 20-year contract includes an increase of Missan’s production capacity to 450,000 barrels per day from the current 100,000 barrels a day within six years. CNOOC has agreed to price every additional barrel of oil produced after capacity rises by 10 percent at US$ 2.30.
CNOOC will be the operator and hold 63.75 percent of the interest. TPAO will have 11.25 percent interest while an Iraqi drilling company will hold the remaining 25 percent….
The other two major Chinese oil companies, CNPC and Sinopec, have also gained a foothold in the Iraqi oil industry. In November 2008, CNPC and China North Industries Corp. set up a joint venture and signed a 20-year development contract for Al-Ahdab Oilfield….