China and Turkey to buy up Iraqi Oil Field

Close on the heels of the Iranian Nuke coup with Turkey and Brazil, comes the news of the Chinese and Turkish coup in Iraq’s Oil fields…. both right under the very noses of the US and West.

Interestingly, an article in a Beijing site says that China and Turkey have signed up a 20 year contract to develop the Missan oil-field in southern Iraq.

So, while US fights and invests in Iraq to now bring it back to stability (after its stupid invasion), China and fast-Islamizing Turkey run away with the real cream! What can be a worse irony than this?

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.

Reference Link:

CNOOC Seals Deal on Iraq Oil Field

Desh Kapoor

The panache of a writer is proven by the creative pen he uses to transform the most mundane topic into a thrilling story. Desh – the author, critic and analyst uses the power of his pen to create thought-provoking pieces from ordinary topics of discussion. He writes on myriad interesting themes. Read the articles to know more about his views and “drishtikone”.

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