The oil majors are heading in opposite directions when it comes to investing in oil in the war-torn country, a sign of how differently they view the relative risk. Chevron said on Tuesday that it would return to Iraqi Kurdistan in the north, and begin drilling again. The fact that Chevron is willing to roll the dice on Kurdistan suggests that tension between the Kurdish Regional Government (KRG) and Baghdad has somewhat subsided since the independence vote last year, which set off serious confrontation between the two sides. The campaign for independence backfired on the KRG — the Iraqi government sent in its military to reclaim the oil fields in and around Kirkuk, which the Kurds had seized after ISIS burst onto the scene in 2014. After Iraq took control over those fields, there was an interruption in oil exports through the Kurdish pipeline to Turkey, helping to push […]