BGG Fox News made point, they will need an "internationally recognized currency" to truly capitalize on their oil reserves 11-16-11

Did any one see this on Fox News? Blessings, CZ



10-16-2011 BGG Ok - just got off the phone with a friend who saw on Fox news today that Shell just discovered another large oil well - maybe the largest in the world that will likely push Iraq to the No.1 oil producer in the world. However, the point was made (on the broadcast) they will need an "internationally recognized currency" to truly capitalize on their oil reserves (to trade in something other than Petrodollars).

This was posted yesterday on the bloomberg report. As of yet not found any about the Fox news today. Basically the same as what is on the Shell site. Still looking for the news from Fox today. ...rick152 Love each other and your self

Shell, Mitsubishi Win Government Approval for $17 Billion Iraq Gas Project

By
Nayla Razzouk
-
Iraq approved a $17 billion contract
with Royal Dutch Shell Plc (RDSA) and Mitsubishi Corp. (8058) for the capture
of natural gas at three oilfields in the south of the country,
a government spokesman said.

Iraq has a 51 percent stake in the venture known as South
Gas Co., Ali Al-Dabbagh said today. Shell has a 44 percent
stake, while Mitsubishi owns the rest, he said by telephone from
Baghdad. The agreement is for 25 years, according to Al-Dabbagh.

Iraq, holder of the fifth-biggest gas reserves in the
Middle East, is struggling to restore power capacity after
years of conflict and economic sanctions. The captured gas will
supply domestic needs and may be exported at a later stage, Hans
Nijkamp, Shell’s country chairman for Iraq, said Sept. 29.

“The cabinet approved it today and thus gave its green
light to this $17 billion project,” he said. The venture will
help collect more than 2 billion cubic feet (57 million
cubic meters) a day from the Rumailah, Zubair and West Qurna
fields, said Al-Dabbagh, one of the country’s state ministers.

Shell, Europe’s largest oil company, has been in talks with
the government since 2008 to gather gas that's currently burned
off, or flared. The preliminary agreement for the new venture
was signed on July 12.

Fourth Licensing Round


Iraq has signed 15 licenses for the development of energy
resources, including three for gas, since 2008, five years after
the U.S.-led invasion that ousted the regime of then-President
Saddam Hussein. It plans a fourth licensing round of oil and gas
exploration rights for March.

Iraq burns off more gas as a percentage of output than any
other country, losing $5 million a day, according to Fabrice
Mosneron Dupin, an adviser at the Sustainable Energy, Oil, Gas
and Mining Division of the World Bank-led Global Gas Flaring
Reduction program. The nation ranks fourth for the amount of gas
it flares, behind Russia, Nigeria and Iran, Dupin said Sept. 29.

Iraq’s flaring of so-called associated gas, which occurs
naturally with oil underground, has increased to 10 billion
cubic meters a year from 3 billion in 1994, in tandem with the
country’s rising production of crude, he said.

And right back at you...rick152 Having fun as a Mod?