World
Iraq's Oil Fields Open for Business (Soon)
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Iraq is cautiously opening its oil fields to foreign and domestic investment, but is trying to do it on their own terms.
In September, Iraq’s parliament is expected to ratify a law allowing Western countries to invest in Iraqi oil fields. The country is believed to have oil reserves of 115 million barrels, half of them unexplored. From now on, all previous oil contracts will be reviewed with an eye toward spreading the country’s oil wealth evenly among Shiites, Sunnis, Kurds and other groups, according to proposed legislation. Iraq’s national oil company will be given first access to the country’s enormous West Qurna field and decide which foreign companies to work with. Russian giant Lukoil is hoping an agreement they had under Saddam Hussein to drill there still holds.