No Kidding, U.S. Oil Contractors Working in Iraq

NYT, via Mark Thoma:

The auction’s outcome helped defuse criticism in the Arab world that the United States had invaded Iraq for its oil. “No one, even the United States, can steal the oil,” the Iraqi government spokesman, Ali al-Dabbagh, said at the time.
But American companies can, apparently, drill for the oil.
In fact, American drilling companies stand to make tens of billions of dollars from the new petroleum activity in Iraq long before any of the oil producers start seeing any returns on their investments.
Lukoil and many of the other international oil companies that won fields in the auction are now subcontracting mostly with the four largely American oil services companies that are global leaders in their field: Halliburton, Baker Hughes, Weatherford International and Schlumberger. Those four have won the largest portion of the subcontracts to drill for oil, build wells and refurbish old equipment.
“Iraq is a huge opportunity for contractors,” Alex Munton, a Middle East analyst for Wood Mackenzie, a research and consulting firm based in Edinburgh, said by telephone.

I'm just shocked that U.S. contractors picked up the bulk of the oil work in Iraq.  Who'd have thought that the world's largest oil consumer would have the most experienced oil workers in the world?  There was no doubt whatsoever when we invaded Iraq that U.S. oil workers wouldn't be drilling for oil there.