Thursday, May 17, 2007

War for Oil

Our War for Oil worked out well:

The first crude oil pumped by a foreign company in Iraq in decades will flow into the global market next month.

DNO, a Norwegian oil company, will announce on Wednesday that it will begin producing a small amount of oil from the northern Iraqi region of Kurdistan, marking a symbolic return of foreign companies to Iraq after 35 years of state control.

The company’s experience is being closely watched by larger competitors, eager for a slice of the world’s third-largest oil reserves, but deterred by security fears and the lack of a legal framework for Iraqi oil.

But DNO’s announcement could add strain to relations between Iraq’s Kurdish authorities and the central government in Baghdad. DNO’s contract is with the local administration in the relatively peaceful north of Iraq, rather than with Baghdad.

The sharing of oil resources has been a point of dispute between Iraq’s sectarian communities. The Kurdish authorities’ decision to sign separate contracts, which could bring them a direct income source and consolidate their power, has provoked fears of a break-up of Iraq.

DNO’s contract may have to be amended once the country’s hydrocarbons law is finally agreed. Passage of the law – which is critical to attracting foreign investment – through the Iraqi parliament has stalled over control of individual oil fields.

Talk about incompetent...not only can Bush not win his staged war, he can't get his oil buddies the hefty contracts they so greedily covet.

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