 Future Prospects for the Oil Industry in Iraq 2010-02-04
On 30 January 2010, the Iraqi Institute for Economic Reform held a public policy seminar entitled, ‘Future Prospects for the Iraqi Oil Industry’.
The seminar focused on the recent oil bidding rounds hosted by the Ministry of Oil, which resulted in the signing of ten service contracts with major international oil companies.
Speaking at the seminar, the Minister of Oil, Dr Hussein Al-Shahristani, shed light on the details of the contracts, noting that the adjusted average fee for each barrel of oil produced was $1.83, and that oil companies would pay 35% tax to the Ministry of Finance. He also said that Iraq would become the top oil producer in the world within seven years, given that it expects to reach a production capacity of 12 mbd.
The member of the parliamentary oil and gas committee, Dr Abdul Hadi Al-Hassani, discussed the ways in which the Iraqi government could increase oil production capacity and support the work of the oil companies.
Dr Falah Al-Ameri, director of the Ministry’s Oil Marketing Company, spoke about the mechanisms for calculating oil market prices and the Ministry’s marketing strategy following the signing of the service contracts.
For More details about the seminar and to read the final recommendations, please click Here
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