During an auction of Iraq’s best undeveloped oil fields that concluded Saturday, Baghdad awarded international companies development rights to seven fields that within a few years could nearly double the country’s oil production.
It's very unclear who got what, but considering the billions the U.S. has poured into Iraq, one would think we would at least get the oil. We spend trillions in Iraq so China can develop the oil?
The corporations that won represented a diverse group of nations, including Angola, Malaysia, Turkey and China. They were vying for 20-year service contracts that will pay them a fee for each barrel they produce above a government-set baseline.
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