this is a highly informative article on Iraq’s oil reserves, partnerships and vultures…following the link below..
Asia Times Eleven percent of the world´s reserves (second in the world after Saudi Arabia); 112 billion barrels of proven reserves; and at least 220 billion barrels of probable reserves. As Iraq is universally acknowledged to be the new promised land of oil, the name of the game in the industry is PSA.
PSA stands for “production share agreement”: Iran and Kuwait, for instance, don’t approve PSAs, they flatly refuse to share sovereignty over their natural wealth. Iraq is another matter entirely.
Because of the UN sanctions, and with its oil infrastructure in tatters, recent agreements approved by Saddam Hussein, with French conglomerate TotalFinaElf, for instance, had to be PSAs. But anyway, these are only agreements; TotalFinaElf boss Thierry Desmarest said not long ago that no contract had been formally signed yet.