Iraq’s oil ministry did well in choosing different companies to represent the state stake in the consortia awarded contracts to develop oil fields. Unlike the old days when the state oil marketing organization (Somo) was considered the de-facto state partner, including in five oil deals signed before the 2003 toppling of the previous regime (two production sharing contracts with CNPC and Lukoil and three exploration contracts with PetroVietnam, ONGC and…
Tag: IOEC
Iraq Builds Modern Database After Sanctions, Chaos
7 July 2005 Regardless of its official name, Iraq Oil Exploration Co. (IOEC) has done little in the way of exploration for the past 15 years — and is unlikely to start exploring the country’s vast areas anytime soon, in the absence of seismic equipment and trained staff. However, since the collapse of the Baath regime in 2003, the company has been focusing on building a modern National Data Center…