IHL estimates for Iraqi oil reserves

A soon to be released commercial survey of Iraq's oil fields the "Iraq Atlas" by IHL concludes that there could be an additional 100 billion barrels of oil (on top of the known 116 billion), mainly in the unexplored Western Desert. IHL's press release says: "In 2007, the Iraqi government is expected to launch a bid round for 65 exploration blocks and 78 fields are also to be offered for development. The Iraq Atlas will help companies evaluate these blocks and fields quickly and accurately... The cost to produce oil in some Iraq fields is less than $2 per barrel according to our estimates and investments involved in developing the fields are minimal." Given that the oil is potential cheap and easy to extract, it is unclear to HOIO why foreign investment is needed at all.