The Failure Game Of Iraqi Oil - Forbes

Baghdad finally allows exports from new Kurdish fields, but until it improves contract terms for foreign companies, its energy crisis will continue.

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HOUSTON -- Sitting on some of the largest and most unexploited oil reserves in the world, embattled Iraq continues to reel from falling production and the delay in passing a national hydrocarbons law. But at the second Iraq Oil and Gas Summit here Wednesday, petroleum industry investors were buzzing about the announcement that the Oil Ministry in Baghdad and the government of the Kurdish territory in northern Iraq had put aside their animosity and struck a deal to export 100,000 barrels of crude oil a day from the first new fields to be drilled and developed since the fall of Saddam Hussein.

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