An analytical study of contracts to develop oil projects in Iraq

Abstract

Abstract:This study aims to analysis the licenses rounds and refer that the Iraq announced the opening of the second licensing round in December 2008.In this round Iraq offering 10 projects covering more than dozen fields for development ,the largest fields being offered in the second licensing round are the west Qurna-phase 2 and majnoon fields which may hold up to 12.9 billion barrels and 12.6 billion barrels of oil reserves.Respectively ,however ,the terms of contracts in second bidding round revealed so far seem broadly similar to those in the first, unfavorable terms ,lack of security and oil law may act as determines for the international oil companies planning to invest in Iraq.