Iranian Troops Seize Iraqi Oil Well: Official

[7redorbs]

Iranian troops have crossed into Iraqi territory and seized an oil well that lies in a disputed area along the two countries' southern border, Iraq's deputy foreign Minster said Friday.

The deputy minister, Mohammed Haj Mahmoud, said Iranian troops seized oil well No. 4 Thursday night in the al-Fakkah oil field, located about 200 miles (about 320 kilometers) southeast of Baghdad. The oil field is one of Iraq's largest.

Iranian Troops Seize Iraqi Oil Well: Official

[7redorbs]

A Relevant article from 2007:

It can be established that western companies will be affected.. if Iran keeps the well.

The Iraqi government plans to introduce a law that will give Western oil companies rights to the country's huge oil reserves, a British newspaper says.

The government is drafting a law based on "production sharing agreements [PSAs]," which will allow major oil companies to sign deals of up to 30 years to extract Iraq's oil, the Independent on Sunday reported.

As such it'll be interesting to see the reaction(s) - and motives in-action.

Iraq has the second largest oil reserves in the world, the U.S. government says.
(Nabil al-Jurani/Associated Press)

CBC News - World - Iraq to give Western companies oil rights: report

[7redorbs]

The Iraqi government Friday demanded the withdrawal of an Iranian "armed group" that it says seized an oil well in southern Iraq on Thursday night.

Iran is denying any takeover took place.The Iraqi government issued a strong statement deploring the act after Iraqi Prime Minister Nuri al-Maliki headed an emergency meeting of Iraq's National Security Council to discuss the situation.

Iraqis say Iran has seized oil well in Iraq, demand withdrawal - CNN.com