Western oil companies closing in on Iraqi oil takeover

“I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil.” - Alan Greenspan

Deals with Iraq are set to bring oil giants back- Inernational Herald Tribune

"Exxon Mobil, Shell, Total and BP — the original partners in the Iraq Petroleum Company — along with Chevron and a number of smaller oil companies, are in talks with Iraq's Oil Ministry for no-bid contracts to service Iraq's largest fields."

"While enriched by $140 per barrel oil, the oil majors are also struggling to replace their reserves as ever more of the world's oil patch becomes off limits. Governments in countries like Bolivia and Venezuela are nationalizing their oil industries or seeking a larger share of the record profits for their national budgets. Russia and Kazakhstan have forced the major companies to renegotiate contracts."

"The first oil contracts for the majors in Iraq are exceptional for the oil industry.
They include a provision that could allow the companies to reap large profits at today's prices.

A clause in the draft contracts would allow the companies to match bids from competing companies to retain the work once it is opened to bidding."