Iraqi official seeks new oilfield deals

The Iraqi oil minister hopes that halving the amount of upfront payments it will seek from foreign companies bidding to develop its oilfields will result in more deals.

Ministry officials said yesterday that Iraq would seek US$1.2 billion (Dh4.4bn) in signature bonuses from firms signing long-term service contracts to develop oilfields in the country’s second post-war bidding round, which is due to take place in November.

That is down from $2.6bn of bonuses sought in the first round, which was held in late June and resulted in seven of the eight contracts on offer being left on the table.