Security is obviously concern number one in this war torn country. Experts say major Western oil firms won't make a meaningful commitment of capital and workers to the nation until the violence subsides and a somewhat unified government passes clear oil laws.
In the meantime, firms from China, Russia, India and other smaller national oil companies are vying for contracts, and are seen as more willing to make risky investments.
It's also unclear what role an Iraqi national oil company -- still in the process of being created - will have in the nation's oil industry. Many suspect the biggest and best fields will remain firmly in the hands of the state.