Iraq has prequalified just five oil companies to participate in its new bid round, for nine prospective blocks straddling the country's borders with Iran and Kuwait, after vowing to adopt a new commercial model as it seeks to attract fresh upstream investment and raise production capacity. Iraq has failed to award acreage since a disappointing bid round in 2012. Its success in doing so now is a key component in the country's strategy of lifting its production to 6 million b/d. Experts say the ministry of oil must offer international oil companies far more favorable terms than those contained in the existing technical services contract (TSC) to secure their interest.
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