New Iraq oil law provides the right to "amend" any old Saddam or Kurdistan gov't contracts

http://www.abcmoney.co.uk/news/1820078035.htm

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He also said the law provided for all oil contracts signed by former leader Saddam Hussein's regime or by the regional government of Kurdistan to be reviewed and amended if needed.

'This law sets the ground rules and draws oil policies for a balanced development in all Iraqi areas,' Jihad said.

A federal council for oil and gas will be formed to study plans to develop oil infrastructure and review the contracts. This council will be headed by the prime minister, Nouri al-Mailiki, with representatives from oil, financial and planning ministries along with the central bank of Iraq.

Iraq's proven oil reserves stand at about 115 billion barrels, the world's third largest after Saudi Arabia and Iran.