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'To be sure, Cheney must be furious that Tehran torpedoed the entire US strategy for Big Oil.' Iran torpedoes US plans for Iraqi oil By M K Bhadrakumar 03 Apr 2008 What has happened is essentially that Iran has frustrated the joint US-British objective of gaining control of Basra, without which the strategy of establishing control over the fabulous oil fields of southern Iraq will not work. Control of Basra is a pre-requisite before American oil majors make their multi-billion investments to kick start large-scale oil production in Iraq. Iraq's Southern Oil Company is headquartered in Basra. Highly strategic installations are concentrated in the region, such as pipeline networks, pumping stations, refineries and loading terminals. The American oil majors will insist on fastening these installations.