Crude Designs - The Rip-Off of Iraq's Oil Wealth

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Acknowledgements

Researched and written by Greg Muttitt of PLATFORM www.carbonweb.org, with

assistance from Guy Hughes and Katy Cronin of Crisis Action

www.crisisaction.org.uk.

Advice on economic modelling provided by Dr Ian Rutledge of Sheffield Energy &

Resources Information Services (SERIS) www.seris.co.uk

Published by PLATFORM with Global Policy Forum, Institute for Policy Studies
(New Internationalism Project), New Economics Foundation, Oil Change
International and War on Want - November 2005.

Design by Guy Hughes www.power-shift.org.uk. Cover design by Ishka Michocka

www.lumpylemon.co.uk.

Printed by Seacourt Press on recycled paper (75% post-consumer waste) using a

waterless process in compliance with ISO 14001 and EMAS.

Photo:GregM

uttitt

Contents

Acknowledgements

2

Contents

3

Executive Summary

4

Glossary

6

Chapters

1 - THE ULTIMATE PRIZE: Anglo-American interests in Gulf oil

7

2 - RE-THINKING PRIVATISATION: Production sharing agreements

10

3 - PUMPING PROFITS: Big Oil and the push for PSAs

13

4 - FROM WASHINGTON TO BAGHDAD: Planning Iraq's oil future

16

5 - CONTRACTUAL RIP-OFF: the cost of PSAs to Iraq

20

6 - A BETTER DEAL: Options for investment in Iraqi oil

28

7 - CONCLUSION

34

Appendices

1 - How a Production Sharing Agreement works

35

2 - Discounting in oilfield economics \u2013 key concepts

37

3 - Iraqi oilfield data

39

4 - Economic analysis - methodology and assumptions

40

References

43

About the publishers

47

List of tables

5.1 - Impact of PSAs on Iraqi state revenues
5.2 - Impact of PSAs on discounted Iraqi state revenues
5.3 - Impact of PSAs on Iraqi revenues at different oil prices
5.4 - Impact of PSAs on oil company profitability
5.5 - Oil company profitability at different oil prices
6.1 - Foreign investment in the world\u2019s major oil reserves
A3.1 - Data on 25 undeveloped Iraqi oilfields

3

Crude Designs: The rip-off of Iraq\u2019s oil wealth

Photo:GregM

uttitt

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