The Bonanza Begins

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Shahristani said 35 companies — including firms from the United States, Britain, France, Russia, Chinaand India— had been selected to bid on long-term contracts to provide services, equipment, training and advice on the country’s biggest oil fields, which have suffered from age, technological neglect and mismanagement during years of war and economic sanctions.

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"The six oil fields that have been announced today are the backbone of Iraq’s oil production, and some of them are getting old and production is declining," Shahristani told reporters.

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Followers of Shiite cleric Moqtada al-Sadr, who opposes Western firms having any control over Iraq’s oil, voiced suspicion. "Those agreements should be open and transparent," said Liwaa Smaism, a senior Sadrist lawmaker. "We do not know whether those contracts are ordinary technical contracts with foreign companies, or are they involved in the excavation and production of the oil?"

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Other lawmakers said any deals should be made after parliament approves legislation governing Iraq’s oil resources. "I do not believe that the companies should sign contracts in such a fragile political situation and confusing security situation," said Mohammed al-Daini, a Sunni lawmaker.

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Daini added that "America has come over here to Iraq in order to first control the oil wealth and, second, the entire economical wealth." He said he and other lawmakers should review the contracts to ensure they don’t allow Western firms to infringe on Iraq’s sovereignty.