By John Lee.
An Iraqi Oil Ministry spokesman has said the Ministry will make future energy exploration contracts more lucrative, to encourage foreign firms to compete in auctions for exploration blocks.
“Economic and financial aspects will be reviewed in light of our experiences”, said Assem Jihad. “The final details of the contracts will be worked out between the foreign companies and the oil ministry.”
In recent weeks the deputy prime minister responsible for energy affairs, Hussein al-Shahristani (pictured), admitted that the recent fourth round auction of exploration blocks had not been as successful as officials had hoped.