17 October 2008 Iraq finally unveiled the terms of its big upstream opening. International oil companies now realize that to win a 20-year service contract to rehabilitate and redevelop some of Iraq’s giant oil fields, they need to offer it high production targets at the lowest cost. For committing to spend money on rehabilitation of infrastructure and drilling of wells as well as a new reassessment of recoverable reserves in…
Tag: NOC
Thamir Al-Ghadban
Former Oil Minister and Chief Advisor to the Iraqi Prime Minister Thamir al-Ghadban talks to Ruba Husari in London April 29, 2009 Q: What are the chances that the first bid round concludes according to schedule this summer? A: Based on what has been done so far starting from the announcement of the first licensing round last year and all the steps that followed, including the road-show in London, the…
Iraq: Contract Labyrinth
19 December 2008 Iraq’s latest draft model contract for its first postwar bid round, recently made available to participating firms, has failed to bridge the gap between the oil ministry and international oil companies, analysis of the latest text reveals. The two sides may struggle to narrow their differences in the short time frame announced by Baghdad, which aims to publish the final technical service contract by April 2009 and…
Iraq: Debating the Model
5 September 2008 Since launching its first postwar licensing round in late June, Iraq’s leadership has been struggling to reach a consensus on what commercial terms would best protect long-term national interests while offering quick and efficient solutions for an oil industry worn down by years of war, sanctions and scant resources. The main issue arising from the internal debate is who should operate oil fields — the national oil…