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Iraq Opens Up to Foreign Oil Majors

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Anthony DiPaola and Daniel Williams
Business Week
Friday, March 5, 2010

BP Plc and Exxon Mobil Corp. took the best deal they could get in Iraq last year when they won the largest oil contracts since addam Hussein was toppled in 2003. Oil companies may wait a long time to get a better one.

Parliamentary elections may produce a weak or unstable government incapable of tendering new oil contracts, said Samuel Ciszuk, a London-based analyst at IHS Global Insight. He said he does expect the 10 technical-services contracts won by Exxon, BP and 20 other companies to be honored.

“One thing that’s fairly certain is there won’t be a strong coalition, so it may take time for the next government to get its act together,” Ciszuk said in a telephone interview.

(ARTICLE CONTINUES BELOW)

Iraq Opens Up to Foreign Oil Majors 040310banner3

“Bottlenecks could hold up production increases” if no government forms by June.

Western producers haven’t had access to oil fields in southern Iraq since 1972, when the country nationalized production including concessions owned by the companies now known as BP, Royal Dutch Shell Plc and Exxon.

  • A d v e r t i s e m e n t

The contracts awarded in two auctions, which pay a per-barrel fee for development work rather than granting a share in the production itself, will cost the companies a total of about $100 billion to develop deposits, Oil Minister Hussain al-Shahristani said in December. Iraq, with the world’s third-largest oil reserves, will earn about $200 billion a year.

Full story here.

This article was posted: Friday, March 5, 2010 at 1:03 pm





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