Iraq OKs Contracts

abarrelfull wrote on 07 Jan 2010 09:32
Tags: iraq

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I don't know if there was really any doubt, but nonetheless it is important news.

After being forced to wait a number of days, Baghdad has finally approved all pending deals with foreign oil companies, updating their contracts to develop several major fields in Iraq. All the oil firms involved have agreed to technical and legal amendments to their contracts that were introduced in order to ensure the deals' compliance with Iraqi law.

Now they can all get cracking, and start investing.

The inked contracts now pave the way for more than $100 billion in investment, according to the Iraqi oil ministry.

For Iraq, that will have massive economic and social implications, for the rest of us, it will provide a big chunk of the new oil that we need.

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