Comments on: Iraq finalizes oil drilling joint venture with Mesopotamia Petroleum

By: This

This — Thu, 16 Apr 2009 02:00:04 +0000

This...

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By: Tariq

Tariq — Fri, 06 Mar 2009 07:57:01 +0000

Can any one tell me that MPC AMMAN office still active?

By: Abu Haarith

Abu Haarith — Fri, 27 Feb 2009 18:53:07 +0000

Its drilling contract. Not a development or exploration one. So it's fixed fee.

Check out their website that went live yesterday. It has some useful details and the official news release :

http://www.mesopotamiapetroleum.com/

Regarding booking reserves - The IMoO has categorically stated NO company will be able to book reserves (PSAs etc) on fields that have already been discovered, and rightly so. Why should Iraqis give a share in the oil when there is absolutely no risk in discovering it (no exploration is really involved), as the oil has already been discovered - the fields just need developing to up the production. PSAs will only be handed out on undiscovered fields.

By: r.dobie langenkamp

r.dobie langenkamp — Thu, 26 Feb 2009 20:46:19 +0000

It would be interesting to know what ,if any restrictions are imposed on the 49% interest of MPC. Is that company able to "book" its share of reserves? Does MPC partipate 49% in moneys earned. Are there provisions for dividends or other distributions from the JV or the new company IOSC?
Can IOSC be liquidated and its assets distributed?

If this is a JV in the western sense it might prove to be a superior vehicle to the "service contract.".----RDL