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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (62878)	3/24/2000 8:38:00 PM
From: Tomas	Read Replies (1) \| Respond to of 95453

Even if all the all the spare parts Iraq has ordered were to arrive immediately, they would only slow the demise of Iraq's oil industry and not greatly enhance the country's ability to produce oil. The U.N. estimates that even without sanctions in place, it would take at least a year (and up to three years in extreme cases) for Iraq to again export 2.5 million barrels per day. But with sanctions still in place, a quick turnaround for Iraq's oil industry is even further off. For its part, Iraq has indicated that it does not want to enter into long-term agreements with foreign oil companies that might provide it with technology, for example, to boost output at older oilfields, according to a U.N. report. Instead, it wishes to employ short-term service contracts for specific immediate needs of its oil industry, a U.N. reported issued this week said, in effect delaying the more ambitious investments its oil industry needs so badly. Source: Higher '99 output hurt Iraq's oil industry biz.yahoo.com