Friday, 11 December 2009

War for Oil?

Remember the start of the Iraq invasion? Remember the reasons given by many, including this smarmy cunt?

Whilst we suspected Oil was high on the list, this was always strenuously denied, usually with bollocks like "It's not that simple".

But look...

A joint venture between the UK's Shell and Malaysia's Petronas oil companies has won the right to develop Iraq's giant Majnoon oil field.

A total of 44 companies are bidding for 10 fields in the second such auction since the invasion in 2003.

Well, what a fucking surprise.

Although Majnoon is a huge oil field, with reserves of 13 billion barrels of oil, it currently produces just 46,000 barrels per day.

Shell and Petronas have pledged to increase that output to 1.8 million barrels per day.

Their venture will receive a fee of $1.39 a barrel. In June this year, a winning bid to develop an Iraq oil field received $2 a barrel.

Would anyone who so confidently stated that oil wasn't the primary motivating factor like to rethink their position?

1 comment:

bristolmoose said...

Still, on the plus side, using the laws of supply and demand, watch those pump prices tumble.