Few Bidders To Develop Iraqi Oil And Gas Fields

The Iraqi oil minister, Hussain al-Shahristani, spoke Tuesday at a Baghdad hotel as Ambassador Chang Yi of China listened. Sabah Arar/Agence France-Presse — Getty Images

From The New York Times:

BAGHDAD — The Iraqi government stumbled once again on Tuesday in its frequently delayed effort to award development rights to its most valuable oil fields. In a public auction it largely failed to attract the lucrative offers it sought from dozens of international oil companies invited to the bidding.

After the daylong event, which was broadcast live on national television, the government came away with just a single deal struck from among the six giant oil fields and two gas fields it had put up for bid.

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My Comment: Would I be willing to invest billions in a country that is applauding the one stabilizing force to leave the country (the U.S. military), cannot come to peace with its minority groups (Kurds and Shiites), and has no rule of law ..... hmmmm .... and oh yeah .... it also has a long history of corruption.

Would I invest .... probably not. The terms and conditions have to be very attractive .... and I mean very attractive .... to make me even consider such a proposal.