Iraq is selecting operators for their oil and gas fields. Selected so far are Total (French), BP (UK), Royal Dutch Shell (Netherlands), and Exxon-Mobil (USA). It is likely that Chevron (USA) will be selected as well.
Although Rice and the U. S. State Department say that they had no part in selection of the operators ("The United States Government has stayed out of the matter of awarding the Iraqi oil contracts," "It's a private sector matter."), U. S. government officials provided specific advice on contract construction, with some help from major companies.
Iraqi membership in OPEC will continue, in my opinion.

Russia is upset because their Lukoil had made a contract with Saddam Hussein, which has been voided. It is possible that Russia will receive a consolation contract.

This doesn't involve oil shales, but with the (estimated) third largest reserves, the contracts will help the European Union and the United States to meet their increasing needs, thus is important to oil pricing and stability for the West.

The story is fairly well covered by the BBC News (see Stigweard link), and today's NY Times (2008/06/30).
http://www.nytimes.com/2008/06/30/world/middleeast/30contract.html?pagewanted=28_r=1&th&emc=th