Iraq is shifting to profit-sharing contracts for new oil and gas projects to attract more investment in its vast hydrocarbon reserves.
’s second-largest producer, Iraq , seeks to attract more investment in its oil and gas industry by moving to profit-sharing contracts for new bid rounds from the technical service contracts it has awarded so far. The biggest change in Iraq ’s petroleum regulatory landscape in decades is being made to attract higher bids and more investments in its huge oil and gas reserves, government officials have told Reuters.
’s second-biggest producer and the French supermajor signed a massive $27 billion deal after the country offered revenue-sharing terms and an accommodation to capture more of the gas that is flared. Ultimately, Iraq had to go back to the drawing board several times to reach into its own pockets and dish out even more favorable terms. Iraq eventually settled on hanging onto just 30% of the project, with TotalEnergies grabbing 45% and QatarEnergy getting a 25% stake.
Oil & Gas Investment Profit-Sharing Contracts Technical Service Contracts OPEC Foreign Investors Natural Gas Exploration Totalenergies
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