{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='WRAP Iraqi Cabinet approves BP\u0026#39;s offer on Rumaila oil field, oil deal expert' data-url='/boclips/videos/5c54c0c4d8eafeecae14d37e' data-video-url='/boclips/videos/5c54c0c4d8eafeecae14d37e' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWRAP Iraqi Cabinet approves BP\u0026#39;s offer on Rumaila oil field, oil deal expert\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eBaghdad, Iraq - 1 July 20091. Set-up shot of spokesman of Iraqi government Ali al-Dabbagh in his office2. Close-up of Iraqi flag3. SOUNDBITE (English) Ali al-Dabbagh, spokesman of the Iraqi government\"Iraqi government decided to approve...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eBaghdad, Iraq - 1 July 2009\u003cbr/\u003e1. Set-up shot of spokesman of Iraqi government Ali al-Dabbagh in his office\u003cbr/\u003e2. Close-up of Iraqi flag\u003cbr/\u003e3. SOUNDBITE (English) Ali al-Dabbagh, spokesman of the Iraqi government\u003cbr/\u003e\"Iraqi government decided to approve the offer being submitted by British Petroleum and CNPC, the Chinese company, which they had offered to increase the production to its peak, which is 2.85 (m) million barrels per day, from the current production which is 950,000 barrel per day, with remuneration fees of two (US) dollars per barrel, for the increment in the production. The Iraqi government as well decided not to accept the offers of the other companies, as they refused to reduce the remuneration fee from their prices, their quote to the prices, and to the quote which the minister of oil had decided.\"\u003cbr/\u003eRumaila oil field, south of Baghdad, Iraq - 28 June 2009\u003cbr/\u003e4. Various shots of refinery and workers at Rumaila oil field\u003cbr/\u003e5. Various shots of fire emanating from top of tower\u003cbr/\u003eNew York, United States - 1 July 2009\u003cbr/\u003e6. Wide of the New York Mercantile Exchange (NYMEX)\u003cbr/\u003e7. SOUNDBITE: (English) Ray Carbone,  Paramount Options:\u003cbr/\u003e\"The worry is the nationalisation of oil assets, the reliability of the government in Iraq to honour agreements. We have seen this happen in Russia and we have seen it happen in other countries where much money is spent on the developmental side only to have that investment snuffed out by changing terms and I think that's what is being weighed here by all of the participants.\"\u003cbr/\u003e8. Medium close up of traders on NYMEX floor\u003cbr/\u003e9. SOUNDBITE  (English) Ray Carbone,  Paramount Options:\u003cbr/\u003e\"Well this fits a pattern that we have seen over the last five years of China being a very aggressive pursuer of energy assets. It does not surprise me in the least that China is a part of this deal. They have been expanding and growing rapidly in the third world in Africa especially and I am sure they would like to get into Iraq and this is a way for them to do it, spreading out some of the risk.\"\u003cbr/\u003e10. Wide of NYMEX floor\u003cbr/\u003eIraq's government on Wednesday approved a BP-led consortium's offer to develop a giant oil field in the south, moving forward with the only deal struck during a much-hyped, but ultimately disappointing, international oil auction.\u003cbr/\u003eIraq, which is desperate for cash to fund its reconstruction efforts, had put six oil and two gas fields on offer on Tuesday to foreign firms in the country's first international oil licensing round in over three decades.\u003cbr/\u003eBut the auction - opposed from the start by many of the country's lawmakers - failed to elicit the kind of excitement or commitments Iraqi oil officials had anticipated.\u003cbr/\u003eBritish giant BP and its Chinese consortium partner CNPC walked away from the auction with development rights for the 17.8 (b) billion barrel Rumaila field. \u003cbr/\u003eBut their win came only after they agreed to take less money for the oil they produced.\u003cbr/\u003eUnder the service contracts, the companies are paid a per barrel price for production over a minimum target level. \u003cbr/\u003eBP and CNPC had bid 3.99 US dollars per barrel, but slashed their price to the two US dollars per barrel payment sought by the oil ministry.\u003cbr/\u003eTheir only rivals for the fields, a consortium led by US giant Exxon Mobil, refused to amend its offer of 4.80 US dollars per barrel on a target production of 3.1 (m) million barrels per day.\u003cbr/\u003eThe Cabinet of ministers signed off on the BP deal, government spokesman Ali al-Dabbagh said.\u003cbr/\u003eThe government did not say when the signing would take place.\u003cbr/\u003eMany expect the oil ministry to try to move forward quickly, if for no other reason than because Oil Minister Hussain al-Shahristani needs to replenish the already-limited political capital he spent in pushing past lawmaker objections and bringing the bidding round from plan to reality.\u003cbr/\u003eHe billed it as the answer to Iraq's cash crunch, and the lacklustre showing could further embolden his critics.\u003cbr/\u003eThe promise of access to about 43 (b) billion of Iraq's 115 (b) billion barrels of crude reserves was apparently not appetising enough for foreign firms to overlook the inherent risks they face in a country still emerging from decades of sanctions and a US-led invasion.\u003cbr/\u003eNYMEX trader Ray Carbone on Wednesday said that problems can arise over the nationalisation of oil assets and the potential disruption that later changes in terms could offer.\u003cbr/\u003eCarbone also said that China's involvement in the bidding process matches a pattern that has emerged in previous years.\u003cbr/\u003e\"They have been expanding and growing rapidly in the third world in Africa especially and I am sure they would like to get into Iraq and this is a way for them to do it, spreading out some of the risk,\" said the trader in New York.\u003cbr/\u003eMany lawmakers have opposed the bidding process from the start, saying al-Shahristani's push to have the contracts approved by the Cabinet instead of the parliament renders them illegal. \u003cbr/\u003eMany ordinary Iraqis - who still say the US-led war was mainly for oil - worry that giving foreign firms access to the country's key resource opens the door for economic occupation.\u003cbr/\u003eIn a sign of the potential obstacles companies will face, Ali Balo, the head of the parliament's influential oil and gas committee said on Wednesday the contracts \"will face huge problems\" if parliament is not allowed to sign off on them.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv 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