For Sale: Dwindling Iraqi Oil Field $1 Trillion or Best Offer
I have too much time on my hands, so I took a gander at the 2009 BP Statistical Review of World Energy to kill time as well as wait to see if I won the bid for an Iraqi oil field. I didn’t.
BP and China National Petroleum beat me and they now have the right to develop Rumaila - the largest Iraqi oil field. The two organizations beat out a bid from Exxon Mobil Corporation and the Iraqi Oil Minister Hussain al-Shahristani estimates that the selling of oil rights will garner them more than $1.7 trillion over the next 20 years.
This win shouldn’t be surprising considering 2008 was the first year that developing countries, led by China, consumed more energy than developed countries. It was also noted in BP’s report that industrialized countries reduced their energy consumption by 1.3 percent led by a 2.8 percent decline in energy consumption from the U.S. –the steepest single-year decline since 1982. However the potential benefits of energy reduction were offset by countries who increased their energy consumption. China accounted for nearly three-quarters of the 1.4 percent global consumption increase.
