Iraq re-sets contract deadline to Feb 18
Posted: 28 January 2008
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Iraq has stretched the deadline for foreign oil companies to apply for services contracts for the extraction and development of Iraqi oil fields.
The deadline which was initially set on January 31 will be extended to February 18, Iraq ’s Ministry of Oil announced recently.
Oil Ministry spokesman Issam Jihad clarified that Iraq will be in charge of implementing contracts, adding that these contracts are not investment contracts but services contracts that extend for two years.
In November last year, Iraqi oil ministry opened up its oil fields to potential service contractors to help develop the country’s prized fields.
Iraq , the holder of the world's third-largest crude oil reserves with an estimated 115 billion barrels, aims to boost crude production to 3 million barrels a day by the end of this year.
The Iraqi parliament is currently considering an oil law to regulate the country's hydrocarbon resources among Shiites, Sunnis and Kurds, a standard sought by the US to achieve national reconciliation according to reports.
The ministry has previously said that companies which have signed deals with Iraq 's autonomous northern Kurdish region are not valid and will be excluded from national contracts.
Despite the invalidity, the Kurdish regional government has signed 15 oil contracts with 20 foreign companies to explore and export oil discovered in the northern region.
Oil Minister Hussein Shahristani said in November that all such deals signed by the regional government with foreign companies stand cancelled as the Iraqi parliament has yet to pass a draft oil law. |
