.Iraq still waiting on oil firms to OK deal changes
BAGHDAD, Jan 3 (Reuters) - Global companies negotiating multi-billion dollar oilfield deals with Iraq have not yet responded to government requests for amendments to the contracts, a government spokesman said, contradicting an earlier Oil Ministry statement.
Ali al-Dabbagh said on Sunday the contracts would only be put before the cabinet after oil companies accepted changes to the nine oilfield contracts, adding only one oil company had agreed so far.
"We are still waiting for the companies to agree to the comments made by the cabinet on legal issues," Dabbagh said, adding only Angola's state oil company Sonangol, which has deals to develop the Qayara and Najmah fields, had accepted.
Seven oil deals remain outstanding, part of 10 agreed this year to develop Iraq's vast oil fields after two bidding rounds for 20 year development contracts, the first such auctions since the 2003 U.S. invasion.
An Oil Ministry statement last week said the firms, which include oil majors such as Lukoil (LKOH.MM), Exxon Mobil (XOM.N) and Royal Dutch Shell (RDSa.L), had agreed to amendments on "legal, operational, administrative and sovereignty issues".
Dabbagh contradicted the statement, saying: "This news is not correct and we are not responsible for it."
In the last two weeks, Iraq initialled seven of the deals awarded in a second bidding round in December, and also initially signed two other deals from a first round in June. The 10th deal, with BP (BP.L) and China's CNPC for the Rumaila oilfield, has already been finalised.
The cabinet must ratify the deals before they are finalised.
Dabbagh said the amendments were minor and were to ensure the deals were compatible with Iraqi law.
If all the deals come to fruition, they could more than quadruple Iraqi oil output capacity to rival that of top global producer Saudi Arabia.
Reuters
The King will be displeased, witch explains O's attitude
Ali al-Dabbagh said on Sunday the contracts would only be put before the cabinet after oil companies accepted changes to the nine oilfield contracts, adding only one oil company had agreed so far.
"We are still waiting for the companies to agree to the comments made by the cabinet on legal issues," Dabbagh said, adding only Angola's state oil company Sonangol, which has deals to develop the Qayara and Najmah fields, had accepted.
Seven oil deals remain outstanding, part of 10 agreed this year to develop Iraq's vast oil fields after two bidding rounds for 20 year development contracts, the first such auctions since the 2003 U.S. invasion.
An Oil Ministry statement last week said the firms, which include oil majors such as Lukoil (LKOH.MM), Exxon Mobil (XOM.N) and Royal Dutch Shell (RDSa.L), had agreed to amendments on "legal, operational, administrative and sovereignty issues".
Dabbagh contradicted the statement, saying: "This news is not correct and we are not responsible for it."
In the last two weeks, Iraq initialled seven of the deals awarded in a second bidding round in December, and also initially signed two other deals from a first round in June. The 10th deal, with BP (BP.L) and China's CNPC for the Rumaila oilfield, has already been finalised.
The cabinet must ratify the deals before they are finalised.
Dabbagh said the amendments were minor and were to ensure the deals were compatible with Iraqi law.
If all the deals come to fruition, they could more than quadruple Iraqi oil output capacity to rival that of top global producer Saudi Arabia.
Reuters
The King will be displeased, witch explains O's attitude
posted by madtom at 5:23 PM
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