The clock is ticking on Iraq's first bid round, with Iraq hoping to lure Big Oil's billions and cutting edge technology to arrest and reverse an alarming decline in production, especially from its southern fields.
In the run-up to the Jun. 29-30 bid opening at the Rashid Hotel in Baghdad, Iraqi officials are at pains to stress that the landmark oil and gas opening will definitely go ahead, regardless of the vehement internal opposition.
Rumors are rife that round one, which aims to boost output by 1.5 million barrels per day at such giant, already-producing fields as Kirkuk and Rumaila, will be delayed or cancelled.
The keenest public advocate of the opening, Oil Minister Hussein Al-Shahristani, is the target of relentless criticism, with some lawmakers and oil officials saying the minister must bear responsibility for the sharp drop in output.
They also oppose any long-term involvement by international oil companies (IOCs) in the six oil fields -- Kirkuk, Rumaila, Bai Hassan, Zubair, Missan and West Qurna-1 -- on offer under the initial investment opening. These half dozen fields, now pumping some 2 million b/d, are Iraq's economic lifeline.
Unfazed by the fierce domestic attacks, Al-Shahristani is determined to see through the bid round, which includes the gas fields of Akkas and Mansuriya.
If signed and approved by the Iraqi cabinet, the 20-year service contracts would mark the return of international oil companies, which were thrown out of Iraq more than 30 years ago by nationalization.
Still, many inside and outside Iraq wonder whether the first licensing round, which features $2.6 billion in associated soft loans, will prove little more than an exercise in frustration.
Given the strident nationalism of many Iraqi politicians and oil executives, they see little chance for any work to get done on the ground even if contracts are signed. The absence of a legal framework is also a major obstacle.
But oil company executives are taking Iraq's internal politics in their stride and steeling themselves for the contest in Baghdad.
Let the games begin.