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CNOOC Parent May Bid for Iraqi Oilfields, Fu Says

Bloomberg -- China National Offshore Oil Corp., the nation’s third-biggest oil explorer, may continue to bid for oilfields in Iraq after the Gulf country awarded a contract to its bigger rival, China National Petroleum Corp.

“We may continue to participate in the second round,” China National Offshore President Fu Chengyu said today in Beijing. Iraq plans to award contracts for oil and gas field exploration and development in a second licensing round to be held before the end of the year, Abdul Mahdy al-Ameedi, deputy director general of the Petroleum Contracts Licensing Dept., said July 2.

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Submitted Jul 04, 2009 By: ziyulu

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MustangKen Champion Author Denver Posts:3,740 Points:625,575 Joined:Apr 2007	Message Posted: Jul 4, 2009 2:24:18 PM Ignore MustangKen Report Abuse Iraq doesn't value anything but their own interests and could not care less that our lives "bought" them their freedom.
REVLAW Champion Author San Antonio Posts:3,942 Points:748,740 Joined:Jul 2007	Message Posted: Jul 4, 2009 2:18:09 PM Ignore REVLAW Report Abuse And Exxon lost the bid because their 4.9% return on investment was too high ... Iraq only wanted to pay 2%. Guess that tells us something about gratitude and the value of American lives. [Edited by: REVLAW at 7/4/2009 2:18:58 PM EST]
BornToulouse Veteran Author Georgia Posts:411 Points:71,315 Joined:Jul 2009	Message Posted: Jul 4, 2009 2:18:00 PM Ignore BornToulouse Report Abuse Im thinkin...an investment opportunity. CNOOC is listed on the NYSE as a depositary receipt as well as an OTC stock available to the public. But I still like Exxon Mobil much better (XOM) as what these companies are bidding for Iraqi oil is hardly profitable...way too low per barrel, considering the risks and all...just sayin.
1fulltank Champion Author Buffalo Posts:1,575 Points:296,115 Joined:Nov 2008	Message Posted: Jul 4, 2009 2:17:11 PM Ignore 1fulltank Report Abuse Just another reason why we should be drilling for OUR OWN OIL !!!
nojsts Champion Author St. Louis Posts:13,010 Points:2,621,595 Joined:May 2002	Message Posted: Jul 4, 2009 2:17:01 PM Ignore nojsts Report Abuse Iraq should give us the money for the oil they sell for all of the money the U.S. has paid to liberate them.
FISHERW All-Star Author Winnipeg Posts:515 Points:179,770 Joined:Apr 2009	Message Posted: Jul 4, 2009 2:16:55 PM Ignore FISHERW Report Abuse bid or "fight"...
MikLamb Champion Author Texas Posts:1,613 Points:915,515 Joined:Jun 2006	Message Posted: Jul 4, 2009 2:14:56 PM Ignore MikLamb Report Abuse Hm, Chinese companies in competition with each other. Mao must be rolling over in his grave.
Gerg001 Champion Author San Bernardino Posts:2,258 Points:568,340 Joined:Feb 2006	Message Posted: Jul 4, 2009 2:14:03 PM Ignore Gerg001 Report Abuse Why invest money in anything in Iraq. Someone is just going to bomb it anyways.
mysub Champion Author Las Vegas Posts:2,855 Points:1,078,065 Joined:Apr 2006	Message Posted: Jul 4, 2009 2:13:09 PM Ignore mysub Report Abuse That would be a good way for Iraqi to say thank you to our country for saving their butts.
Dipstick1 Champion Author Amarillo Posts:3,607 Points:1,188,810 Joined:Jan 2006	Message Posted: Jul 4, 2009 2:11:02 PM Ignore Dipstick1 Report Abuse Why not? They have all our money.
gas_bill Sophomore Author California Posts:131 Points:848,550 Joined:Sep 2006	Message Posted: Jul 4, 2009 2:07:37 PM Ignore gas_bill Report Abuse China is positioning itself with sweetheart deals in a lot of other counties. In a couple of years they will overshadow OPEC.
balljars Champion Author Michigan Posts:2,269 Points:453,075 Joined:Aug 2008	Message Posted: Jul 4, 2009 2:06:57 PM Ignore balljars Report Abuse I wish we could get some of those contracts.
day49 Veteran Author Washington Posts:470 Points:487,500 Joined:Apr 2007	Message Posted: Jul 4, 2009 1:47:31 PM Ignore day49 Report Abuse Well, Iraq is a sovereign nation. Just as the U.S. promised would happen. It was never about invading Iraq to take over it's oil fields.
hockeydadOH Sophomore Author Cincinnati Posts:201 Points:69,810 Joined:Jun 2009	Message Posted: Jul 4, 2009 1:43:37 PM Ignore hockeydadOH Report Abuse Obama will "let" them have it...He's ruining everything else
Tnerbeel Champion Author Houston Posts:2,310 Points:490,760 Joined:Mar 2007	Message Posted: Jul 4, 2009 1:43:31 PM Ignore Tnerbeel Report Abuse Hey "adapal", get a grip. I'll bet you were leading the charge about how the Iraq war was all about securing the oil for ourselves and how wrong that was. Now you're spouting off about it didn't happen. Have some more Kool Aid.
dabuzman Champion Author Seattle Posts:2,824 Points:795,205 Joined:Apr 2006	Message Posted: Jul 4, 2009 1:41:12 PM Ignore dabuzman Report Abuse Will when China own to world they say what happened. We also best which what happens is the next 3 1/2 years in the US. We all best get smart or we'll be speaking an other language very some and we'll not be free. WE may have a revolution in this country again.
djgunrunner Champion Author Salt Lake City Posts:3,361 Points:1,099,275 Joined:Apr 2005	Message Posted: Jul 4, 2009 1:40:06 PM Ignore djgunrunner Report Abuse This what comrade obama is aiming for. A communistic country that can cheat the people for the good of the government.
TRAIN RIDER Champion Author San Bernardino Posts:2,877 Points:1,518,395 Joined:Oct 2004	Message Posted: Jul 4, 2009 1:37:21 PM Ignore TRAIN RIDER Report Abuse CHINA NEEDS MORE OIL.
outridin Champion Author Illinois Posts:8,781 Points:1,789,435 Joined:Jan 2004	Message Posted: Jul 4, 2009 1:36:57 PM Ignore outridin Report Abuse we stopped sadam and cleaned out weapons of mass destruction. we did that for the good of the people NOT OIL-- remember??
Daphne2001 Rookie Author Virginia Posts:5 Points:575 Joined:Jul 2009	Message Posted: Jul 4, 2009 1:35:17 PM Ignore Daphne2001 Report Abuse OK I believe there are reasons that other major oil companies are not bidding.
tobasco Champion Author Los Angeles Posts:4,552 Points:1,126,065 Joined:Mar 2004	Message Posted: Jul 4, 2009 1:33:39 PM Ignore tobasco Report Abuse So much for the benefits of war. We should be demanding reparations.
roadrunnerMO Champion Author Kansas Posts:2,045 Points:449,290 Joined:Jul 2008	Message Posted: Jul 4, 2009 1:32:10 PM Ignore roadrunnerMO Report Abuse No special deal for us; we lost lives for nothing in their eyes. They are glad we are leaving.
UncleCurt Champion Author Winnipeg Posts:2,100 Points:272,910 Joined:Feb 2009	Message Posted: Jul 4, 2009 1:30:59 PM Ignore UncleCurt Report Abuse China already owns U.S. debt. Now this!
unicornpmb Champion Author Buffalo Posts:2,085 Points:364,415 Joined:Sep 2005	Message Posted: Jul 4, 2009 1:21:27 PM Ignore unicornpmb Report Abuse Maybe they will sell us oil at a cheap price.
adapal Veteran Author Pennsylvania Posts:436 Points:156,790 Joined:Dec 2008	Message Posted: Jul 4, 2009 1:19:12 PM Ignore adapal Report Abuse And we spent over a trillion dollars in order to secure the oil supply from Iraq for the US and China is going to get it. WTG Bush.
WVPhoenix Champion Author Charleston Posts:6,608 Points:1,011,965 Joined:Jan 2006	Message Posted: Jul 4, 2009 1:09:18 PM Ignore WVPhoenix Report Abuse Buy American on this Fourth of July!
uglytom Champion Author Florida Posts:1,787 Points:418,125 Joined:Jul 2007	Message Posted: Jul 4, 2009 1:04:23 PM Ignore uglytom Report Abuse Competition will help!
theduster1 Champion Author Texas Posts:1,411 Points:315,310 Joined:Apr 2008	Message Posted: Jul 4, 2009 1:02:54 PM Ignore theduster1 Report Abuse ok let them go for it
Don1222 Champion Author Michigan Posts:4,542 Points:477,405 Joined:Jul 2008	Message Posted: Jul 4, 2009 1:02:07 PM Ignore Don1222 Report Abuse Alternative fuels. Buy American