Economy

xchrom

(108,903 posts)

39. China Will Soon Be Drilling A Third Of Iraq's Oil

Sat Mar 30, 2013, 10:46 AM

Mar 2013

http://www.businessinsider.com/chinese-iraq-oil-production-2013-3

Ten years after the invasion of Baghdad, major American oil companies are staying away from investing in Iraq's oil resources, McClatchy's Sean Cockerham reports.

Instead, many of Iraq's newest oil fields are now controlled by Chinese.

Iraq possesses the second-largest oil deposit in the world, in the West Qurna region. Forbes says the country could easily become the second-largest oil producer in the world after Saudi Arabia.

Only Exxon and Occidental have active stakes in Iraqi oil fields. The reason for America's relative absence, Cockerham writes, is that the country is still too unstable.

Read more: http://www.businessinsider.com/chinese-iraq-oil-production-2013-3#ixzz2P2CmieOm

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