IOCs asked to suggest contract changes
Oil price drop prompts Oil Ministry to request cost-cutting measures this year and contractual changes that will alter the decades-long contracts.
Rick Vierbuchen (R), then president of ExxonMobil Upstream Ventures, shakes hands with Abdul Mahdy al-Ameedi, the director general of the Oil Ministry's Petroleum Contracts and Licensing Directorate (PCLD), after signing an initial deal for the West Qurna 1 field on Nov. 5, 2009. (MOHAMMED AMEEN/Reuters)
Iraq is asking international oil companies (IOCs) to propose amendments to their multi-billion dollar oil field contracts, in addition to cutting costs and slowing down projects this year, as Iraq's financial crisis squeezes available funding.
In a Feb. 9 letter to IOCs obtained by Iraq Oil Report, the Iraqi Oil Ministry said that the contracts and development activity should be changed in light of the recent crash in oil prices.
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