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…
Tag: SOC
Iraq Courts Four Majors for Technical Deals
6 December 2007 Four majors met with Iraqi oil ministry officials in Amman last week to initiate talks on the first commercial technical support contracts to be awarded since the US-led invasion over four years ago, Iraqi and industry sources told International Oil Daily Wednesday. The ministry is aiming to raise output by 500,000 barrels per day over the next two years. The talks with BP, Chevron, Exxon Mobil and…
Oil Chaos
2 March 2007 Iraq’s draft petroleum law, approved by the cabinet this week, claims to be fair, clear, transparent and efficient. It’s anything but. The bill, which has to be approved by parliament before coming into force, emerged after a series of compromises — and US pressure — aimed at overcoming Kurdish opposition to any form of centralized power. The result is to enhance the country’s division along ethnic lines…
Legal Pros and Cons
30 March 2007 Iraqi oil veterans have made no bones about their unhappiness with the petroleum law approved by the cabinet in February. Not only do they criticize the speed at which it could open the upstream doors to major oil companies and the extent of Big Oil’s potential involvement, they say it’s wrong to be deciding the fate of the industry at a time when the state is struggling…