By Jason Simpkins Managing Editor Money Morning

Exxon Mobil Corp. (NYSE: XOM) and Royal Dutch Shell PLC (NYSE ADR: RDS.A, RDS.B) on Thursday won the right to develop Iraq’s West Qurna-1 oilfield.

The agreement is the third such deal this year, which means Iraqi oil production could increase at a faster pace than previously expected and potentially lead to a drop in oil prices.

Iraqi officials earlier this week finalized an agreement with BP PLC (NYSE ADR: BP) and China National Petroleum Corp. (CNPC). Policymakers also reached an initial agreement with a consortium led by Italy’s Eni SpA (NYSE ADR: E) that will develop the Zubair oil field.

The latest deal gives Exxon and Shell the right to increase production at Iraq’s West Qurna-1 oilfield, which is believed to hold about 8.7 billion barrels of oil reserves. The field is already producing

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One company that is starting to gain recognition is Valley Forge Composite Technologies, Inc. With their headquarters in Covington, Kentucky, the Valley Forge has become a leader in Counter-Terrorism technology and has started to made major progress in the sales of their Momentum Wheel Products.

Within these lines of products, Valley Forge is a manufacturer and marketer of breakthrough cargo/baggage and people screening technologies. The company was proud to report the fruits of their efforts with the announcement that they have received an additional order of $2,700,000 for its momentum wheel line of products.

Leading the way at Valley Forge is their CEO Lou Brothers. Brothers is a Co-Founder of the company and has more than 20 years of experience in marketing, marketing support, product management and logistics. He has extensive international business experience having worked in Europe, Russia, and Japan. Brothers is a

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Russia's Foreign Minister Sergei Lavrov is apparently 'astonished' to hear that Poland's Foreign Minister, Radoslaw Sikorski, asked NATO and the US to deploy troops in Europe to provide 'some strategic reassurance', on a recent visit to Washington.  Since the scrapping of the US Bush-designed missile defense scheme which would have seen troops deployed in Poland and Czech Republic, the former has apparently been feeling vulnerable . . . Kim Zigfeld points out on Pyjamas Media that Russia's recent war 'games', which simulated a full scale pipeline-sabotaging missile-battering attack of Poland, taking place in the same month that seventy years earlier Russia did actually invade, is hardly likely to reassure the Poles of the ...

Apparently U.N. inspectors have found 'nothing to be worried about' upon their first examination of the formerly clandestine uranium enrichment site in Qom in Iran.  'The [Obama] administration must consider whether it makes sense to grant the regime two more months of grace' says an op-ed in the Washington Post.  'Prospects for a breakthrough with Iran have narrowed dramatically since a high-level meeting in Geneva on Oct. 1', the paper adds, quoting a senior European diplomat.  Good news for Nord Stream - after considerable environmental concerns, it has received approval from both Finland and Sweden.  The construction of the Russia-Germany pipeline could spell the demise of Ukraine as a transit country, suggests the Wall Street Journal.   Lukoil has lost out on initial rights to develop Iraq's much-coveted West Qurna field, with an an Exxon ...

'We will have to take into account this style of dealing with partners in the future, though this scornful approach toward partners mainly affects the Europeans, not us':  Putin reacts to the aborted GM deal.   Finance Minister Alexei Kudrin was in London yesterday to discuss the envisaged issue of $17.8 billion in sovereign eurobonds - the selling of which is a core part of the government's deficit-reducing strategy.  A bond issue would 'be likely to draw keen interest from investors because Russia,[...] is in far better shape financially than a decade ago' says the New York Times.   Kudrin is planning changes to the budget which would see funds originally designed to recapitalize banks redirected to flagging industrial giants (such as Avtovaz) and the jobless, as the economic situation has been less harsh than expected.  In ...

TODAY: Markelov murder suspect reportedly confesses; vengeance a possible motive?  Activist abducted in Moscow.  Spy chief issues warning on Georgia; Lavrov surprised at Poland soliciting US help.  Medvedev reserves army use for emergencies. Luzhkov lays into Abramovich; new vodka pricing; toy story. The Moscow Times reports that revenge may be the motive behind the shooting of human rights lawyer Stanislav Markelov.  Apparently the alleged gunman Nikita Tikhonov may have been a suspect in the stabbing of anti-fascist activist Alexander Ryukhin in 2006, whose mother Markelov was a lawyer for.  The other suspect, Eugenia Khasis, 24, appears to have no prior convictions.  Apparently the killer has confessed - the Other Russia reporting it to be ...

As many frequent readers of the Russian media would attest, retrieving accurate data pertaining to any sensitive topic can prove difficult.  It is thus reassuring to see that Russia has agreed to hold its census next year, at a cost of 10.5 billion rubles, after initial hesitation due to apparent lack of funds.  Indeed, this commentator suggests that whilst the census may go ahead, it will be 'less comprehensive and less accurate' than many would wish.  Murray Feshbach at RFE/RL argues that a census would allow the country to seriously tackle the issues of demographic decline, its manifest HIV and TB problems, and form policies on how to accommodate its ethnic and religious minorities.  Feshbach suggests census-phobia is ...

Naftogaz Ukrainy has apparently released a statement admitting that a 'dire economic situation' means that the company is struggling to pay its October gas bill.  The Moscow Times reports however that Ukrainian Energy Minister Yury Prodan has assured Russia that it will pay its $470 million bill on time - although there are hints that it will have to borrow the money - possibly from Moscow.  According to Reuters, the new gas deal between Polish and Russian companies will be approved within weeks.  Total and Statoil have both recorded a steep decline in third-quarter profits.  Lukoil will expand its trading business in the Asian zone, especially in naphtha and fuel oil, in the first six months of 2010.  A factbox on the buying and selling of European refineries here.  Gazprom has apparently made a ...

Teva Pharmaceutical Industries Ltd. (TEVA) reported earnings of 89 cents in the third quarter of 2009, up 16% from the year-ago period and a cent above the Zacks Consensus Estimate. Strong sales of Copaxone and in the respiratory business helped drive earnings in the reported quarter. Net sales increased 25% to $3.55 billion, with the Barr acquisition contributing to sales across different geographical segments. The strengthening U.S. dollar adversely impacted net sales by $160 million or 6%. Revenue performance across key business segments was mixed. While the Pharmaceuticals Sales segment posted growth of 27% with revenues coming in at $3.4 billion, the active pharmaceutical ingredients (API) segment reported an 8% decline in growth with sales coming in at $136 million. Pharmaceutical segment sales were driven by strong performances in the North American, European and International segments. The launch of generic versions of Ortho Tri-Cyclen Lo ...

It felt as if negotiations would go on for an eternity, with months of stalling: search this site for 'Opel bid' and the stories of stops and starts come thick and fast.  Now, just as it seemed that the deal was finally coming to a close, comes the spectacular announcement that GM will not in fact sell off its loss-making European unit Opel to the consortium of Canadian part-maker Magna and Russia's Sberbank, preferring to restructure it itself as the economic climate warms.  German Chancellor Angela Merkel, who had pledged €4.5bn in loans may well be fuming and apparently Prime Minister Putin has chimed in with his consternation over the abortive deal, which had promised ...