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Petrofac Targets Iraq Oil After Asfari Raises Value

Bloomberg -- Ayman Asfari, the chief executive officer whose oil and gas engineering skills guided a fourfold increase in the value of Petrofac Plc within five years, is now preparing to tap Iraq’s energy boom.

Iraq, with estimated reserves of 115 billion barrels of oil, the world’s third-largest, is set to ramp up production as companies including BP Plc, Royal Dutch Shell Plc and Exxon Mobil Corp. spend as much as $100 billion to develop fields awarded in contracts last year. A good chunk of that will go to contractors including Petrofac and larger U.S. rivals Baker Hughes Inc. and Halliburton Co.

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Submitted Mar 12, 2010 By: ziyulu

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Wizrd03 Champion Author Illinois Posts:5,776 Points:1,166,185 Joined:Oct 2008	Message Posted: Mar 12, 2010 8:40:56 AM Ignore Wizrd03 Report Abuse Maybe prices will decline as they start to increase crude availability?
goalie1950 Champion Author Phoenix Posts:4,044 Points:829,270 Joined:Oct 2009	Message Posted: Mar 12, 2010 8:29:13 AM Ignore goalie1950 Report Abuse And the cycle of Mideast oil dependency rolls on.
civicdutie Champion Author Rochester Posts:3,010 Points:611,275 Joined:Nov 2008	Message Posted: Mar 12, 2010 8:27:56 AM Ignore civicdutie Report Abuse I hope this will benefit Iraqi citizens more than it will benefit Exxon Mobil or BP.
MikLamb Champion Author Texas Posts:5,638 Points:1,711,045 Joined:Jun 2006	Message Posted: Mar 12, 2010 8:27:26 AM Ignore MikLamb Report Abuse Companies should still be wary of pouring any more money into Iraq.
zippoking Veteran Author Illinois Posts:327 Points:384,105 Joined:Jul 2009	Message Posted: Mar 12, 2010 8:26:58 AM Ignore zippoking Report Abuse This was the real underlying reason at the Iraq war, lowering the cost of oil with extra supply. Recall that back when Saddam was in power, they weren't suppose to export oil as part of sanctions against them, but still did anyway to buy weapons. The thought was, with them supplying what they were fully capable, additional supply should shoot down the price. Well that was when $2 gas seemed incredibly expensive. Haha, what a difference 8 years makes. Oh and lets not forget they thought it would only take about 6 months to do that. oops.
The_Gunslinger Champion Author Arkansas Posts:1,897 Points:384,340 Joined:Oct 2008	Message Posted: Mar 12, 2010 8:25:22 AM Ignore The_Gunslinger Report Abuse Shell and Exxon are all over this.
pulpwood Champion Author Mississippi Posts:5,631 Points:1,498,750 Joined:Sep 2006	Message Posted: Mar 12, 2010 8:22:06 AM Ignore pulpwood Report Abuse They lied 9C1!
Italianman Champion Author Twin Cities Posts:1,732 Points:774,945 Joined:Feb 2008	Message Posted: Mar 12, 2010 8:19:36 AM Ignore Italianman Report Abuse Oil hasn't brought to the middle east yet... Don't hold your breath.
Yonkers111 Champion Author Scranton Posts:7,437 Points:720,240 Joined:Apr 2007	Message Posted: Mar 12, 2010 8:19:14 AM Ignore Yonkers111 Report Abuse They will need many US contractors, both oil and security.
johnrb Champion Author Michigan Posts:6,041 Points:1,554,905 Joined:Oct 2006	Message Posted: Mar 12, 2010 8:16:27 AM Ignore johnrb Report Abuse Let's hope this may bring some peace to the area with the inflow of money!
Tutootin Champion Author Toronto Posts:7,756 Points:2,611,405 Joined:Jun 2004	Message Posted: Mar 12, 2010 8:15:52 AM Ignore Tutootin Report Abuse armstrmb, I highly doubt it.
vizilo Champion Author British Columbia Posts:4,458 Points:2,336,870 Joined:May 2004	Message Posted: Mar 12, 2010 8:13:01 AM Ignore vizilo Report Abuse As long as Iraq remains calm
captngasTN Champion Author Tennessee Posts:2,519 Points:899,850 Joined:Jun 2009	Message Posted: Mar 12, 2010 8:11:30 AM Ignore captngasTN Report Abuse hope it helps Iraq's recovery
maske_2222 Champion Author Manitoba Posts:5,694 Points:1,155,590 Joined:Oct 2008	Message Posted: Mar 12, 2010 8:08:13 AM Ignore maske_2222 Report Abuse All about GREED....They would strike a deal with the devil if they could.
techque Champion Author St. Louis Posts:6,373 Points:1,991,060 Joined:Apr 2005	Message Posted: Mar 12, 2010 7:44:06 AM Ignore techque Report Abuse so maybe they will start repaying their war debts ?? yeh, right !@!
cableman31 Champion Author New York Posts:6,574 Points:1,568,445 Joined:May 2004	Message Posted: Mar 12, 2010 7:39:55 AM Ignore cableman31 Report Abuse You just know the people of Iraq won't see any of that money.
CLM06 Champion Author Tampa Posts:6,841 Points:1,496,065 Joined:Sep 2006	Message Posted: Mar 12, 2010 7:39:54 AM Ignore CLM06 Report Abuse As soon as these oil companies start making a profit then will Iraq screw them all and throw them out?
Asbury09 Champion Author Iowa Posts:4,973 Points:1,069,980 Joined:Jan 2009	Message Posted: Mar 12, 2010 7:38:38 AM Ignore Asbury09 Report Abuse just more anticipation of the future
DieselKat Champion Author Tennessee Posts:2,612 Points:1,861,995 Joined:Oct 2005	Message Posted: Mar 12, 2010 7:37:29 AM Ignore DieselKat Report Abuse Lets see where the oil goes.
9C1 Champion Author Chicago Posts:20,403 Points:3,788,910 Joined:Jul 2001	Message Posted: Mar 12, 2010 7:36:46 AM Ignore 9C1 Report Abuse But W and Cheney said the war wasn't about oil. How can this be?
armstrmb Champion Author Houston Posts:8,007 Points:1,622,155 Joined:Jun 2007	Message Posted: Mar 12, 2010 7:36:17 AM Ignore armstrmb Report Abuse I hope that this influx of cash from oil companies is spread to the general welfare of the Iraqi people and not concentrated in the pockets of the Iraqi politicians.
reff5577 Veteran Author Illinois Posts:283 Points:776,030 Joined:May 2007	Message Posted: Mar 12, 2010 7:36:15 AM Ignore reff5577 Report Abuse GREED GREED GREED HOW MANY BILLIONS DO THE OIL COMPANIES NEED
BartBuzz Champion Author Atlanta Posts:6,528 Points:1,313,460 Joined:Aug 2006	Message Posted: Mar 12, 2010 7:36:13 AM Ignore BartBuzz Report Abuse No bargains in Iraq. So much for those conspiracy theories asserting that the Iraq war was about the oil. Keep conserving.
TommyTraveler Champion Author Cincinnati Posts:6,310 Points:1,232,380 Joined:Nov 2007	Message Posted: Mar 12, 2010 7:34:06 AM Ignore TommyTraveler Report Abuse Glad to see some are getting more work.
jony Champion Author Florida Posts:5,224 Points:1,244,875 Joined:May 2006	Message Posted: Mar 12, 2010 7:33:45 AM Ignore jony Report Abuse and of course , I'm sure the US will get a special rate for all the dead soldiers that we left there.
bad_sailor Champion Author London Posts:5,565 Points:1,235,630 Joined:Dec 2007	Message Posted: Mar 12, 2010 7:32:58 AM Ignore bad_sailor Report Abuse Greed rears its ugly head again.
salog Champion Author Columbia Posts:5,786 Points:1,269,730 Joined:Oct 2006	Message Posted: Mar 12, 2010 7:31:09 AM Ignore salog Report Abuse let the greed begin
neptune2008 Champion Author Michigan Posts:6,255 Points:1,217,610 Joined:Aug 2008	Message Posted: Mar 12, 2010 7:30:50 AM Ignore neptune2008 Report Abuse we need to be OUT of Iraq!! they dont want us there
netman044 Champion Author Texas Posts:5,291 Points:893,660 Joined:Sep 2005	Message Posted: Mar 12, 2010 7:30:00 AM Ignore netman044 Report Abuse The service companies will always have work where there is exploration and drilling.
throttle Champion Author Maryland Posts:10,406 Points:2,153,095 Joined:Jul 2004	Message Posted: Mar 12, 2010 7:29:32 AM Ignore throttle Report Abuse Just so Iraq starts putting more oil on the world market.
janctx Champion Author Lubbock Posts:2,715 Points:882,880 Joined:Nov 2007	Message Posted: Mar 12, 2010 7:29:13 AM Ignore janctx Report Abuse how nice, how does this help us? Iraq needs to pay us back for war, give us oil
balljars Champion Author Michigan Posts:6,135 Points:1,217,150 Joined:Aug 2008	Message Posted: Mar 12, 2010 7:27:52 AM Ignore balljars Report Abuse Glad to see some American companies getting some of the work.
Tundralimited2009 Champion Author Dallas Posts:32,654 Points:1,027,925 Joined:Feb 2009	Message Posted: Mar 12, 2010 7:27:19 AM Ignore Tundralimited2009 Report Abuse Go Speculators.....
kyrunner Champion Author Lexington Posts:6,588 Points:1,232,090 Joined:Aug 2008	Message Posted: Mar 12, 2010 7:25:39 AM Ignore kyrunner Report Abuse I hope stability rules so they can be successful.
hybridaholic Champion Author Appleton Posts:5,986 Points:1,093,540 Joined:Dec 2008	Message Posted: Mar 12, 2010 7:23:48 AM Ignore hybridaholic Report Abuse Good for them but does it help us, I don't think so.
Marson Champion Author Scranton Posts:6,692 Points:1,623,500 Joined:Oct 2006	Message Posted: Mar 12, 2010 7:23:13 AM Ignore Marson Report Abuse Lots of money involved, should be interesting to see how it goes.
papou Champion Author Tampa Posts:8,486 Points:1,447,065 Joined:Jul 2005	Message Posted: Mar 12, 2010 7:16:31 AM Ignore papou Report Abuse Exxon help us
Badmoon Champion Author Massachusetts Posts:5,931 Points:1,183,515 Joined:Oct 2008	Message Posted: Mar 12, 2010 7:15:29 AM Ignore Badmoon Report Abuse Lots to br made there right now.
moody4u Champion Author Cincinnati Posts:3,635 Points:716,180 Joined:Oct 2008	Message Posted: Mar 12, 2010 7:14:43 AM Ignore moody4u Report Abuse Your Drilling on the wrong Continent . We have oil here.
RdHogg Champion Author Houston Posts:20,501 Points:2,437,245 Joined:Jun 2004	Message Posted: Mar 12, 2010 7:14:13 AM Ignore RdHogg Report Abuse Someone is making money !!!
I10Express Champion Author San Antonio Posts:6,306 Points:1,173,945 Joined:Nov 2008	Message Posted: Mar 12, 2010 7:12:38 AM Ignore I10Express Report Abuse Sounds like justification for the speculators to raise prices.