Oil Ministry Announces Amendments to New Oil Contracts

The Iraqi Oil Ministry has announced amendments to the contracts for the fourth oil licensing round after complaints from participating companies, reports AKnews.

The Ministry's Director of Contracts and Licenses, Abdulmahdi al-Amidi [Abdul-Mahdy al-Ameedi], said that a final formula will be issued before the beginning of the negotiations in November.

"These contracts purchased by the companies are not final," Amadi said.

The Ministry has already revised the fee structure for these contracts.

The Iraqi Oil Ministry had presented initial contracts for 12 oil and gas sites in Iraq to 46 foreign companies intending to participate in the bidding.

(Source: AKnews)

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