BP

A BP petrol station is pictured in Heston, Berkshire, in southern England, on October 27, 2009. British energy giant BP said Tuesday that its third-quarter net profit sank 34 percent to 5.34 billion dollars (3.59 billion euros), hit by lower oil prices and despite higher production. The company said in an earnings release that total sales fell 37 percent to 67.9 billion dollars in the three months to September, even as output rose 6.9 percent to 3.92 million barrels of oil equivalent per day.

A BP petrol station is pictured in Heston, Berkshire, in southern England, on October 27, 2009. British energy giant BP said Tuesday that its third-quarter net profit sank 34 percent to 5.34 billion dollars (3.59 billion euros), hit by lower oil prices and despite higher production. The company said in an earnings release that total sales fell 37 percent to 67.9 billion dollars in the three months to September, even as output rose 6.9 percent to 3.92 million barrels of oil equivalent per day.

A BP petrol station is pictured in Heston, Berkshire, in southern England, on October 27, 2009. British energy giant BP said Tuesday that its third-quarter net profit sank 34 percent to 5.34 billion dollars (3.59 billion euros), hit by lower oil prices and despite higher production. The company said in an earnings release that total sales fell 37 percent to 67.9 billion dollars in the three months to September, even as output rose 6.9 percent to 3.92 million barrels of oil equivalent per day.

Britain's BP Tony Hayward speaks to the press following the signing of a major oil deal in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

A BP petrol station is pictured in Heston, Berkshire, in southern England, on October 27, 2009. British energy giant BP said Tuesday that its third-quarter net profit sank 34 percent to 5.34 billion dollars (3.59 billion euros), hit by lower oil prices and despite higher production. The company said in an earnings release that total sales fell 37 percent to 67.9 billion dollars in the three months to September, even as output rose 6.9 percent to 3.92 million barrels of oil equivalent per day.

A BP petrol station is pictured in Heston, Berkshire, in southern England, on October 27, 2009. British energy giant BP said Tuesday that its third-quarter net profit sank 34 percent to 5.34 billion dollars (3.59 billion euros), hit by lower oil prices and despite higher production. The company said in an earnings release that total sales fell 37 percent to 67.9 billion dollars in the three months to September, even as output rose 6.9 percent to 3.92 million barrels of oil equivalent per day.

A BP petrol station is pictured in Heston, Berkshire, in southern England, on October 27, 2009. British energy giant BP said Tuesday that its third-quarter net profit sank 34 percent to 5.34 billion dollars (3.59 billion euros), hit by lower oil prices and despite higher production. The company said in an earnings release that total sales fell 37 percent to 67.9 billion dollars in the three months to September, even as output rose 6.9 percent to 3.92 million barrels of oil equivalent per day.

Lamar McKay, Chairman and President, BP America, testifies before the US Senate Committee on Energy and Natural Resources full committee hearing on the role of natural gas in mitigating climate change on October 28, 2009 on Capitol Hill in Washington, DC.

Lamar McKay, Chairman and President, BP America, testifies before the US Senate Committee on Energy and Natural Resources full committee hearing on the role of natural gas in mitigating climate change on October 28, 2009 on Capitol Hill in Washington, DC.

From left to right:- China's Jiang Jemin, CEO of CNPC, watches Britain's BP Tony Hayward as Iraqi Oil Minister Hussein al-Shahristani (2nd L) speaks with Dia Jaafar the head of the Iraqi South Oil Company during an oil signing ceremony in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

From left to right:- China's Jiang Jemin (L), CEO of CNPC, Britain's BP Tony Hayward, Iraq's Oil Minister Hussein al-Shahristani clap as Dia Jaafar, the head of the Iraqi South Oil Company, looks on following the signing of an oil deal in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

China's Jiang Jemin (L), CEO of CNPC, shakes hands with Dia Jaafar, the head of the Iraqi South Oil Company, as Iraq's Oil Minister Hussein al-Shahristani (2nd R) and Britain's BP Tony Hayward (C) stand by following the signing of an oil deal in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

China's Jiang Jemin (L), CEO of CNPC, attends the signing of an oil deal along with Dia Jaafar, the head of the Iraqi South Oil Company, Iraq's Oil Minister Hussein al-Shahristani and Britain's BP Tony Hayward (all unseen) in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

From left to right:- China's Jiang Jemin, CEO of CNPC, signs documents as he sits along side Britain's BP Tony Hayward as Iraqi Oil Minister Hussein al-Shahristani (2nd L) looks on and Dia Jaafar the head of the Iraqi South Oil Company sits by in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

China's Jiang Jemin (L), CEO of CNPC and Britain's BP Tony Hayward smile after signing a major oil deal with Iraq in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

From left to right:- China's Jiang Jemin, CEO of CNPC, Britain's BP Tony Hayward, Iraq's Oil Minister Hussein al-Shahristani, Dia Jaafar the head of the Iraqi South Oil Company and an unidentified Iraqi officials sits side-by-side during an oil signing ceremony in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

From left to right:- China's Jiang Jemin, CEO of CNPC, Britain's BP Tony Hayward, Iraq's Oil Minister Hussein al-Shahristani and Dia Jaafar the head of the Iraqi South Oil Company sits side-by-side during an oil signing ceremony in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

China's Jiang Jemin (L), CEO of CNPC, shakes hands with Dia Jaafar, the head of the Iraqi South Oil Company, as Iraq's Oil Minister Hussein al-Shahristani (L) and Britain's BP Tony Hayward (C) stand by following the signing of an oil deal in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

China's Jiang Jemin (L), CEO of CNPC, and Iraq's Oil Minister Hussein al-Shahristani (2nd L) look on as Britain's BP Tony Hayward swaps documents and shakes hands with Dia Jaafar, the head of the Iraqi South Oil Company, following the signing of an oil deal in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

China's Jiang Jemin (L), CEO of CNPC, shakes hands with Dia Jaafar, the head of the Iraqi South Oil Company, as Iraq's Oil Minister Hussein al-Shahristani (R) and Britain's BP Tony Hayward (C) stand by following the signing of an oil deal in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

China's Jiang Jemin (L), CEO of CNPC, speaks to the press following the signing of a major oil deal in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

BAGHDAD, IRAQ - NOVEMBER 5: The Daura oil refinery is seen on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: An Iraqi oil worker sprays the ground of the Daura oil refinery with water on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: An Iraqi worker adjusts a control valve at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: An Iraqi worker gauges gas emissions from an oil pipe at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

(L-R) Richard Newell, Administrator, Energy Information Administration, Lamar McKay, Chairman and President, BP America, David Wilks, President of Energy Supply, Xcel Energy Services Inc., Edward Stones, Director of Energy Risk, The Dow Chemical Company, Dennis McConaghy, Senior Vice President of Business Development, TransCanada Pipelines and Jack Fusco, President and Chief Executive Officer, Calpine Corporation testify before the US Senate Committee on Energy and Natural Resources full committee hearing on the role of natural gas in mitigating climate change on October 28, 2009 on Capitol Hill in Washington, DC.

China's Jiang Jemin (L), CEO of CNPC, smiles prior to the signing of a major oil deal in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

BAGHDAD, IRAQ - NOVEMBER 5: The Daura oil refinery is seen on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: Iraqi workers build huge oil tanks at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: Iraqi workers weld an oil tank at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: Iraqi workers build huge oil tanks at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: The Daura oil refinery is seen on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: An Iraqi worker adjusts a control valve at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

Iraqi Oil Minister Hussein al-Shahristani speaks to the press following the signing of a major oil deal in Baghdad on November 03, 2009. Iraq formally signed a deal with Britain's BP and China's CNPC to almost triple production at a giant southern oilfield, an AFP correspondent reported. The 20 year-contract is expected to boost production at the southern Rumaila field from the current one million barrels per day to around 2.8 million bpd within its first six years.

BAGHDAD, IRAQ - NOVEMBER 5: An Iraqi worker adjusts a control valve at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: An Iraqi worker adjusts a control valve at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: Iraqi workers cut pipes at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: Iraqi workers build huge oil tanks at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: An Iraqi worker adjusts a control valves at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: An Iraqi worker adjusts a control valves at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: Iraqi workers build huge oil tanks at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: Iraqi workers build huge oil tanks at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: An Iraqi worker adjusts a control valve at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: The Daura oil refinery is seen on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: Iraqi workers build huge oil tanks at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: An Iraqi worker adjusts a control valves at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: An Iraqi worker welds an oil tank at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: An Iraqi worker adjusts a control valve at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: Iraqi workers cut pipes at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.

BAGHDAD, IRAQ - NOVEMBER 5: Iraqi workers weld a pipe at the Daura oil refinery on November 5, 2009 in Baghdad, Iraq. Iraq and a grouping of U.S and European oil companies Exxon Mobil Corp and Royal Dutch Shell PLC signed a $50 billion contract today to develop the West Qurna oilfield, two days after the Iraqi South Oil Company signed a technical service contract with Britain's BP and China's CNPC to develop the Rumaila oilfield. The Iraqi government is trying to attract foreign investment, especially in the oil sector, in hopes of reviving its war-torn economy. Iraq has the third largest oil reserve in the world but it is producing way below its potential.