Iraq puts oil reserves up for sale

Terry Macalister and Nicholas Watt Foreign oil companies vying for 40 billion barrels in eight fields — Photo: AFP Ripping the deal apart: Activists of Hands Off Iraqi Oil hold a puppet of U.S. Vice-President Dick Cheney, protesting against foreign firms gaining greater control over Iraq’s oil reserves. Iraq has put up 40 billion barrels of recoverable reserves up for offer in London. It is the biggest sale of oil assets ever. BP, Shell and ExxonMobil are all expected to attend a meeting at the Park Lane Hotel in London’s Mayfair with the Iraqi Oil Minister, Hussein al-Shahristani. Access is being given to eight fields, representing about 40 per cent of the nation’s reserves, at a time when the country remains under occupation by U.S. and British forces. Two smaller agreements have already been signed with Shell and the China... [read full story]