Iraq oil production deals to be signed in July
Wednesday, July 2, 2008 Free Headline Alerts
BAGHDAD — In late June, the Oil Ministry said that contracts to quickly increase Iraqi oil production by 500,000 barrels per day would be signed in July.
Iraq has acknowledged its failure to sign contracts with Western energy majors.
Oil Minister Hussein Al Shahristani said Iraq did not sign technical support agreements with any of five Western energy majors to develop six crude oil blocks and two natural gas fields. He identified the companies as BP, Chevron, ExxonMobil, Royal Dutch Shell and Total.
Al Shahristani, at a June 30 news conference, did not say why the contracts, worth $500 million, had not been concluded.
But officials reported a dispute with the Western majors over Baghdad's refusal to agree to production sharing.
The oil fields slated for development were identified as Al Zubayr, Bai Hassan, Kirkuk, Maysan, Rumaila and West Qurna Phase 1. Maysan consists of three fields.