Listen to the story here:
Western Firms May Win No-Bid Contracts in Iraq : NPR

According to NPR. It's service contracts to repair and upgrade the facilities of some under performing wells. The companies will be paid cash. The oil will remain the property of Iraq to sell how they please.

Written article here:

Deals with Iraq are set to bring oil giants back - International Herald Tribune



No big takeover yet, folks. I think we better keep an eye on them Norwegians operating up there in Kurd territory. Them Norwegians like to fly low under the radar, operating in the darker corners of commerce.

DNO strikes oil in Iraq - Aftenposten.no