By Ahmed Mousa Jiyad.
The basic “model” of the Long Term Service Contract formulated and developed by the Iraqi Ministry of Oil is a distinct and unique among the known regimes governing upstream petroleum.
Though the structure of all versions of the basic model are all the same and do have many almost identical “common clauses”, the substance of each version is different reflecting two main aspects: the nature of the offered business opportunity and its particularities, and the “learning curve” in contract formulation.
This presentation, given to 4th Iraqi Petroleum Conference at Imperial College in London, attempts to provide a brief review and analysis of the progression of the contracts concluded so far.
Mr Jiyad is an independent development consultant, scholar and Associate with Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq’s Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: [email protected]).