Quote Originally Posted by Cdn Scrooge View Post
I find it interesting that the critics of the PSA's concentrate on the 75% aspect only. They fail to point out that the 75-25 sharing is only until their exploration, development and setup costs are recovered. After that, the ratio is 80% to Iraq and 20% to the oil company.

Considering that they tell us it only costs around $1.00 per barrel to pump the oil and it sells for $50.00 per barrel, it certainly would not take very long at 100,000 barrels a day or so to recover all costs. 100,000 x $50.00 = $5 million dollars. PER DAY. So for the majority of the life of these contracts (originally set at 20 years with a 5 yr renewal option) the Iraqi's will have a profit of some $4 million dollars per day. I cannot for the life of me see how this can be detrimental to the Iraqis.

Or am I missing something here.
YEP THATS KINDA THE WAY I SEE IT THEIR GETTING PAID THATS A SURE THING...... WE ARE ON THE LEDGE............JCWH