From Financial Sense
By Martin Katusa
''Exxon Mobil, Chevron, and Total - three of the world's biggest oil companies - have now signed oil accords with Kurdistan, adding to some 35 other production-sharing agreements that the KRG previously signed with smaller companies. To Iraq's central government, the deals are more than simply illegal - they are a direct challenge to Baghdad's authority. Any company working with the KRG risks losing out on current and future opportunities to work in the rest of Iraq. Baghdad has already barred Exxon from its latest auction and formally banned Chevron from bidding for any further contracts anywhere else in Iraq. Total was the most recent of the three to sign a contract with the KRG; and now the Iraqi central government says it is working to cancel the French energy giant's stake in the producing Halfaya field in southern Iraq.''
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