Iraq Brings Forward Awarding Of New Oil Contracts:New Contracts, New Rules

 Iraq plans to award oil and gas exploration and development contracts in 11 new blocks on April 15. Iraq had initially set June 21 as the date to open the bids for the new blocks, located in border areas with Iran and Kuwait, and in offshore Gulf waters. The new contracts will exclude oil by-products from the companies’ revenues, establish a linkage between prevailing oil prices and their remuneration, and introduce a royalty element.The new contracts offered by Baghdad will also set a time limit for companies to end gas flaring from oil fields they develop on territory under its control.

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One moths ago the Iraqi government said will not cover the gross payments due to oil companies that have signed agreements with the Kurdistan Region, but will require new contracts signed with the central government. It means Baghdad would cover the KRG’s payments to international oil companies only if they sign new agreements with the central government?!
 

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