SINAN SALAHEDDIN
BAGHDAD (AP) — Iraq's oil ministry on Monday signed an initial deal with a consortium led by Italy's Eni SpA to develop a prized southern oil field, an agreement representing a key step forward in the country's obstacle-strewn road to revamp its dilapidated oil sector. Eni, the U.S.'s Occidental Petroleum Corp. and South Korea's KOGAS will develop the 4.1 billion barrel Zubair field, with an eye to boosting output from around 200,000 barrels per day to 1.1 million barrels a day within seven years. Although the deal must still be approved by the Cabinet, Iraqi Oil Minister Hussain al-Shahristani, hailed it as a significant achievement at Monday's signing ceremony in Baghdad. "Today, Iraq made a big leap on the way to develop its oil industry," said al-Shahristani of the deal, which comes a day before Iraq is to finalize an agreement with Britain's BP PLC to develop the nation's largest oil field. "We are happy with this progress and the achievement." Shahristani also promised "more good news in the coming days that will "put Iraq on the international oil map."TheStreet Premium Services For Personal Service: 877-471-2967
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
ETF Profits:
Get money-making ideas from the hottest investment vehicle on the planet. Our experts show you how to play various ETF sectors to help pump-up your portfolio. Learn More
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn MoreTo begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,801.23 | 1,342.64 | 2,903.88 | 19.69 |
Oil *
117.67
|
|
DOWN
89.23 |
DOWN
9.31 |
DOWN
23.35 |
DOWN
0.78 |
10 Yr
1.97%
SPDR Gold
167.14
|
|
-0.69%
|
-0.69%
|
-0.80%
|
-3.81%
|
Data delayed 20 minutes |
Connect with TheStreet