After an initial rights auction that drew a tepid response at best, the war-torn nation has unleashed a flood of recent agreements to develop massive crude and gas fields. The chance to discover more reserves has international firms chomping at the bit.
A stunning change of attitude by Big Oil has put Iraq on course to become the third-largest global oil exporter within a few years.
Earlier this month, over a period of just four days, Baghdad signed three enormous deals that could raise Iraqi oil production capacity by 4.8 million barrels per day (bpd). That increment, if realised, would be equivalent to more than doubling the pre-recession oil output of neighbouring Iran, the second-biggest OPEC exporter, and generate revenue of about US$366 million (Dh1.34 billion) a day at current market prices.
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