Too little has been written about these contracts and the revolution they represent. When Exxon walked away in a huff after the intial round skeptics could say that BP and CNPC were either deluded or had some other motivation than profit. When Exxon and Shell came back to negotiate it became clear that Sharastani and his advisors had hit on a winning formula. Less than 1$ per incremental barrel is a susrprisingly marginal profit for the IOC's and in the smaller and more speculative fields the number should be higher--still any doubts about the sophistication of the MOO should now be put at rest.

The Parliament and other detractors surely will make way for this new era which should see Iraq