It’s unique, it’s challenging and it’s complex, but Iraq’s oil ministry seems determined to make the first upstream-downstream integrated project in Nassiriya a reality. What’s more, forget the $ per barrel fee that was the basis of all previous service contracts. On this one, investors will make a return on their investment from a percentage of the revenues Iraq will rake, pretty much like the “profit oil” concept in production-sharing…
Tag: remuneration
Thamir Al-Ghadhban
Thamir al-Ghadhban, former Iraqi Minister of Oil and Chairman of the Advisory Commission at the Prime Minister’s office, gives his take on the latest developments in Iraq’s oil sector and analyses future trends in an interview in Baghdad with Ruba Husari. Q: How do you expect a new government following the March 7 legislative elections to deal with the signed contracts? Is there a risk that the legality of those…
Iraq Starts Countdown for Contract Awards
14 October 2008 Iraq’s oil ministry on Monday launched a competition among 35 international oil companies for six of Iraq’s most prized oil fields and two undeveloped gas fields under 20-year service contracts, which Iraqi Oil Minister Hussein al-Shahristani said he expects to be “finalized and presented to the Iraqi cabinet for ratification before the end of June.” Prequalified companies for Iraq’s first bid round, including all the majors as…
China, Iraq Offer Concessions to Seal Oil Deal
29 August 2008 China National Petroleum Corp.’s (CNPC) new 20-year service contract to develop Iraq’s Al-Ahdab oil field — the first oil deal signed since Saddam Hussein’s overthrow in 2003 — preserves some of the choicer elements of its 1997 production sharing agreement (PSA). But both sides offered concessions in a bid to bring the negotiations launched last year to a conclusion, Iraqi sources involved in the talks told International…