Another company looking to exploit Iraqi oil is BP, which was also at the Dubai Oil and Gas conference (see previous blog).

The oil giant is looking to compete for the opportunities that arise in Iraq’s oil and gas sector as soon as the country passes the controversial oil law.

The contracts and terms that Iraq may offer oil companies to work on its prized oilfields have yet to be defined, although are likely to be PSAs – Production Sharing Agreements. “There are many forms of contract that can find that sweet spot in the middle,” argues Peacock.

The trouble is what is “sweet” for BP is unlikely to be “sweet” for the Iraqi people.