Iraq's 'Tough' Terms Deter Cos From Oil, Gas Contracts

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Thursday, July 2, 2009 at 12:00PM

BAGHDAD (Dow Jones)--Terms imposed by the Iraqi oil ministry soured international oil companies on contracts to develop eight oil and gas fields, which were put up to auction Tuesday with only one awarded, company executives and officials said Thursday.

"The ministry set very restrictive and unacceptable terms," one company executive told Dow Jones Newswires.

The amount the Iraqis were willing to pay for each extra barrel produced was far too low for the world's top oil companies, which were hoping to return to the country for the first time since 1972, when Iraq nationalized its oil industry and threw the majors out. Under the 20-year service contracts, firms will be paid a per-barrel fee for any crude they pump in excess of a minimum production target. Read More>>

* SPECIAL OIL & GAS,

Iraq,

Oil & Gas |

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