Iraq may earn $4.2 trillion in revenue from oil fields being developed by international companies after rights for production from the deposits were auctioned last year, Oil Minister Hussain al-Shahristani said. Reuters quotes the minister as saying that the fields, whose development rights were assigned after two bid rounds held last year, will produce 60 […]
Tag Archives | oil contracts
We recently reported on a constitutional challenge to Iraq's oilfield development contracts, which was being pursued by a former member of parliament - you can find our article here, with additional legal opinion here. The challenge centered on the Rumaila contract, signed with BP and CNPC in 2009, as a test case. According to Iraq […]
Iraq Ministry of Oil said that the upcoming government does not have the right to cancel the oil contracts
'I think signing this many contracts, in so short a time, at the end of the government's term, leaves any future government stuck with long-term contracts that last for 25 years,' a former Iraqi oil minister said. 'There is a need to review these contracts.'