Proposed Changes to Service Contracts

By Patrick Schmidt.

Once the price of oil rises again, the Iraqi government hopes to fix some of the financial issues attached to the lower oil prices.

The Ministry of Oil hopes to create incentives for international oilfield operators to produce more oil even when prices are high. Other discussions include ways to cut costs for both the government and the operators.

The Iraqi government is also considering another round of sales of gas and oil rights.

If the exports continue at the current rate, it is estimated Iraq will export around three million barrels of oil this month.

(Source: Bloomberg)

(Oil image via Shutterstock)

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