BR 4: The New Incentives

Companies prequalified to bid for one of 12 blocks in Iraq’s upcoming fourth licensing round have since last week been poring over the adjusted terms introduced by Iraq’s oil ministry to the second version of the draft “exploration, development and production service contract” or EDPSC. The new terms offer incentives to companies based on comments and observations they provided to the petroleum contracting and licensing department. It took longer than…

Gas Challenge

The most recent bid round launched this month for the three gas fields of Akkas, Mansouriah and Siba, promises to be challenging for both sides; the Iraqi oil ministry and the international oil companies, not least because it involves a third party: the electricity sector. The non-associated gas to be produced from the three fields, estimated collectively at a minimum of 700 MMcf/d to 900 MMcf/d will be allocated as…