Iraq starts new oil contract review
The Oil Ministry plans to develop a new contract model for future projects and has contracted Iraqi-Norwegian consultant Farouk al-Kasim as it explores adjustments to existing TSCs.
Lukoil Vice President Gati al-Jebouri (left) speaks on a panel about IOC investment at the Iraq Energy Forum in Baghdad, April 2, 2017. (Source: Iraq Energy Institute)
BAGHDAD - Iraq is undertaking a new review of its oil contracts in an effort to better align the interests of the government and international oil companies.
Oil Minister Jabbar al-Luiebi said that, as the ministry solicits investment in new upstream projects, it is likely to move away from the technical service contracts (TSC) that have structured Iraq's relationship with oil companies since 2009.
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