25 February 2000 Iraq has finally started negotiations on its first modified buyback agreements, offering contracts with an average term of 12-15 years to a number of Asian companies – including Malaysia’s Petronas, which is discussing a deal for the 200,000 b/d Ratawi field. Iraq believes buyback contracts may prove easier to implement than production-sharing contracts (PSCs) once United Nations sanctions prohibiting investment are lifted. “We want something we can…
Tag: Somo
Not-So-Blind Eye
21 April 2000 For years, Iran turned a blind eye as Iraq smuggled thousands of barrels of oil a day across the Iranian part of the Shatt al-Arab waterway into the Gulf. No longer. A combination of factors, including Tehran’s very understandable desire to protect its own interests, has prompted a well-publicized clampdown on the illegal trade, leading Tehran to seize 10 vessels in one 24-hour period two weeks ago….
Big Fish
14 July 2000 Preparing for the day when UN sanctions are finally lifted, Iraq went touting its oil wares to an international audience in Paris last week. The audience – which included supergiants Exxon Mobil, Royal Dutch/Shell, BP Amoco, and Total Fina Elf, as well as a host of slightly smaller fry – also got to hear about some ambitious post-sanctions marketing plans, including moves to recapture more of the…
Euro Fan
20 October 2000 Baghdad’s politically motivated bid to replace the US dollar with the beleaguered euro as its currency for international transactions – including oil sales – could become reality. There is a precedent: Libya has been receiving oil payments in currencies other than the dollar for some time, and in euros occasionally, since the start of this year. Provided the Iraqi oil pricing formula is calculated in dollars –…