>>>>http://news.independent.co.uk/world/middle_east/article2132569.ece
>>>>
>>>>http://news.independent.co.uk/world/middle_east/article2132574.ece
>>>
>>>I remember reading somewhere that PSAs are integrated into the Iraqi Constitution.
>>>
>>>I wonder if the oil companies will be paying the true cost of getting at all that crude, which probably makes it worth over $1000. per barrel.
>>
>>This is business as usual Jim, business as usual. This scenario has played out many times in the past.
>
>Was it 1972 when President Hussein started appearing as "Iraqi dictator" in the Western press? Because he suddenly gave the wrong answer to the question of ownership of their oil?
>
>And this claim that the foreign companies would keep 75% of the profits only as long as it takes to recoup their cost of developing the fields... that's endless. Halliburton alone is capable of misplacing nine billion in a year. They'd also include any cost for the infinite array of security forces, their beefed up Hummers, company jets flying around on a whim, bribes lobbying costs, bribes incentives to Iraqi MPs who would supposedly control them... this could go forever. And after that, what, 20%? How much do they make on Saudi oil?
>
>All your oil are belong to us.

The oil companies will spend billions updating the infrastructure and will only be able to extract for a few years before Iraq nationalizes the entire industry. Hence the 75% early return. Watch the market's reaction when this is actually passed.

Look no further than what Chavez announced today to see the model.