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Ministry envisions new contract model for exploration deals

In an upcoming effort to attract investors to nine exploration blocks, Iraq will scrap its signature technical service contracts.
Oil Minister Jabbar al-Luiebi (right) announces details of upcoming investment opportunities at the Oil Ministry in Baghdad on Nov. 27, 2017. (STAFF/Iraq Oil Report)

BAGHDAD - Iraqi Oil Minister Jabbar al-Luieibi indicated Monday that the country will introduce significant changes to its next round of oil contracts.

"The anticipated contracts with international oil companies represent an important step toward a new commercial model and financial terms that are different from the former contracts," Luiebi said.

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