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Iraq plans to introduce not one, but three new types of contracts by end-2017, Oil Minister Jabbar al-Luaibi revealed at the Opec meeting in Vienna this week. Iraq has been looking to move away from its rigid techinal service contracts (TSCs) since oil prices crashed in late 2014. Under these, per-barrel remuneration to IOCs stays fixed irrespective of price, placing a high burden on the government in a low oil price environment. But progress until now has been negligible. The unveiling of a new contract format would be a step towards changing that.
The new models will debut in a bid round for nine blocks. First launched in July, further details on the offering were released this week, with the Ministry of Oil set to receive bids from end-March 2018.
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