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Iraq Nears Oil Sharing Deal

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Posted on Feb 26, 2007
Iraq oil

The Iraqi Cabinet has approved an oil revenue sharing plan that would divide profits among the provinces based on population, and allow foreign oil companies unprecedented access to Iraq’s reserves.

Distributing the wealth of Iraq’s natural resources has been a major political obstacle, as most of the nation’s current oil fields are in Shiite territory.


Correspondents say the drawn-out process of passing an oil law has been a symbol of the struggle of Iraq’s ethnic groups to work together to build a stable, independent nation.

Under the terms of the deal oil revenues would be split among Iraq’s 18 provinces based on population levels.

That has been seen as a concession to Sunni Muslims in the centre of Iraq, where there are few oil reserves.

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By poor american, June 30, 2008 at 10:25 pm Link to this comment
(Unregistered commenter)

The Iraqi gov said they will not share the oil revenue with the company contractors that run the fields to extract it . The companys will spend billions to modernize the extraction fields just for short time contracts to be paid fees to extract it. They will not get a share of the profit revenues.
Can’t you people read. The Iraqis are greedy,corupt
& unthankful and instead of paying us back some money or putting it in to thier development , they are loaning are goverment money to build up thier oil rich nation & putting there oil money into banks in other countries. We are getting screwed bad. stupid!

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By socks, February 28, 2007 at 4:35 am Link to this comment
(Unregistered commenter)

What is of concern is how much of the oil profits are going to be shared amoung the Iraqis.

The deal the energy guys laid out for the Venezuelains was that Venezuela got 16% (for decades) of the profits, oil guys get 84% profits. And the big sin that Chevez did was to claim 30% (he didn’t nationalize HIS countries oil, he just demanded a better share). The oil guys still get 70%. Greedy pigs I’d say. One soesn’t see these oil guys doing any public works with the profits they make.

So now under the American gun, the Iraqis are made to sign away most of the profits from their own oil, and these pansy assed writers are making out like the big deal now is how they share those pitances within their provinces. What unmitigated stupidity to not tell the whole story and therby lie to us. Guess what…......there will be retaliation in the future and who will tell the truth then??? (they hate our freedoms,..... horse pukky!!!! )

This whole invasion and occupation has been for, by and of the energy guys and you 4th rail guys just let them get away with daylite robbery. You stink to high heaven and there is a hell waiting for lackeys like you.

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By c woof, February 27, 2007 at 5:14 pm Link to this comment
(Unregistered commenter)

As an example that I am proof that a little bit of knowledge is dangerous, I view the ‘oil revenue sharing plan’ as a nexus in the Iraqi/US saga.

So, curl up next to the fire with your favorite bunny slippers, a cup of hot cocoa and warm blankie and watch the fallout from the “scheme for foreign investment”.

It could be interesting. Or not.

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By Dale Headley, February 27, 2007 at 4:41 pm Link to this comment
(Unregistered commenter)

The devil is in the details.  This deal may or may not solve the sectarian crisis.  But what it will do is institutionalize what Bush and his bunch have been seeking since 1991: control of the oil.  The ordinary Iraqis who support this deal are liable to be very surprised when they wake up and discover that their leaders have signed away all future ownership of their own natural resources. The bribed ruling elite, on the other hand, will be delighted, because they wil live in luxury in Saddam’s old castle.

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By felicity, February 27, 2007 at 4:01 pm Link to this comment
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It would be a first if the oil companies weren’t profitting from the Iraq venture.  The industrialized West has been raping and pillaging poorer countries for their natural resources for many years. 

There is in place what is called a Production Sharing Agreement whereby foreign companies will end up in control of 64-84 percent of Iraqi oil.  (In Latin America, PSA’s gave domestic governments royalties of 1 percent of their natural gas revenues.)  Iraqis will be lucky if they wind up with a 5 percent share of their oil revenues because of that PSA agreement.

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By jeanruss, February 27, 2007 at 7:46 am Link to this comment
(Unregistered commenter)

where in your article do you explain how the oil companies are taking most of the profit in this venture? Where in your article do you explain how this war was fought for oil?

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By trantieungoc, February 26, 2007 at 7:10 pm Link to this comment
(Unregistered commenter)

Oil sharing deal is close to blood sharing deal.
Just ask Bush/Cheney they know well about these deals.

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