As Gaius Publius says, "Mission Accomplished."
According to a July report from the U.S. government’s Special Inspector General for Iraq Reconstruction, oil production in Iraq is currently about 2.4 million barrels per day. The goal, by 2017 is to produce 12 million barrels per day. That’s quite a leap, especially since average production levels have held steady for more than two years. It’s going to a take a lot of investment to expand production by 10 million barrels per day....
There’s a pile of oil money pouring into Iraq right now. Since last year, the Iraqi government has awarded 11 development deals to various consortia. BP and China National Petroleum Corp. are developing the enormous Rumaila field, which has a total proven reserves of about 18 billion barrels. Other companies winning awards include Royal Dutch Shell (working with ExxonMobil on one project and Malaysia’s Petronas on another), France’s Total SpA, Angola’s Sonangol, Italy’s Eni SpA, Russia’s Lukoil and China National Offshore Oil Corp. The signature bonuses to be paid by the consortia are anywhere from $100 million to $500 million.
More investment is on the way. Iraq’s oil ministry is planning to build four new refineries that will nearly double the country’s refining capacity. Oil services firms like Weatherford International and Schlumberger are expanding their operations in the country. Earlier this month Halliburton won a deal to drill 15 wells in the Basra province in southern Iraq, though the financial terms have not been disclosed.
Well, that's good news for Halliburton, as usual. It's probably not particularly good news for Iraqis hoping for an independent and non-corrupt government to emerge. It's revenue the fledgling country will desperately need for rebuilding, if it actually makes it to government coffers.