Ever since oil first gushed in Texas, Houston-based Baker Botts has represented wildcatters. While those deals were always risky, even Baker may not have anticipated that the deal made by the firm for its latest wildcatter — Hunt Oil Co., a longtime client hungry for oil in Iraq — was risking quite so much.
In September, Baker lawyered a deal between Hunt and the Kurdistan Regional Government (KRG). In mid-November, the Iraqi Oil Minister announced that all oil companies that have cut deals with the KRG will be blacklisted. “Any company that has signed contracts without the approval of the federal authority of Iraq will not have any chance of working with the government of Iraq,” oil minister Hussein al-Shahristani told reporters during OPEC meetings in the Saudi Arabian capital of Riyadh. “We warned the companies that there will be consequences… that Iraq will not allow its oil to be exported,” Shahristani said.
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