As usual on such threads, there's more heat than light--from many parties. Many large fields are not included. There is no petroleum law in place--and the Iraqi government is trying to jump-start the program artificially--knowing full well that there will be no petroleum law until the Kurds' interests are taken into account--which may be never--since the Kurds in fact don't want to be part of "Iraq".

Added to which, the continuing violence--down--but not to a comfortable level--is causing cold feet among many oil firms. And the "announcement" is couched in such complex language that these firms are still trying to find out what exactly is being offered.

Sometimes it seems that political threads attract many who believe in the old adage:   "When in danger, when in doubt...."