Size matters

The Davids are stealing a march over the Goliaths in post-war Iraq. But can the minnows leverage their early interest to later advantage? James Gavin reports

IN THE post-Saddam Hussein Iraqi oil sector, the minnows are making the most of the running in the absence of the majors. Unlike their more illustrious rivals, they are also prepared to put their heads above the parapets and talk-up their prospects. In contrast, the supermajors have been remarkably quiet about Iraq. ExxonMobil's chairman, Lee Raymond, has deemed it a no-go area until the situation stabilises. Total, mooted as a potential operator of the 0.6m barrels a day Majnoon field, has been warned off on French diplomatic advice. Some larger regional players are active in Iraq, despite the evident lack of stability. These include outfits such as Indonesia's Pertamina, India's ONGC Vides