Iraq Oil Ministry waiting on Big Oil to submit oil deal proposals…

Iraq has asked major international oil companies to submit their final contract proposals to boost production at the country’s largest oil fields after several rounds of talks in the Jordanian capital, Amman, since the beginning of this year, people close to the Iraqi Oil Ministry have said, Dow Jones Newswires reports.

Protracted talks between the Ministry and Shell, BP, ExxonMobil, Chevron, Total, Anadarko and BHP Billiton have apparently ended. The Ministry awaits the proposal. One issue that has remained, Iraq Oil Report is told, has been exactly how Iraq will pay the companies, who will sign 2-year Technical Support Contracts transferring technology, training and equipment to Iraq in an effort to increase production on six key oil fields by 100,000 barrels per day each. On the table apparently is oil in lieu of cash, but that would have to clear the international body charged with overseeing transparency of Iraq’s oil income which assures no creditors attach claims to Iraqi funds.