Iraq: Iraq Oil Partners Seek Contract Changes to Boost Output

Nov 10, 2015 | Anthony Dipaola, Bloomberg
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International oil companies could boost production in Iraq beyond current targets if production contracts were changed to give more incentives for investment, according to BP Plc and Royal Dutch Shell Plc. Companies working in the country have proposed that the government change contracts from the current service-fee model to be closer to production sharing agreements, Michael Townshend, BP’s regional president for the Middle East, told reporters in Abu Dhabi on Tuesday. The suggestions were made earlier this year amid talks about development budgets needed to operate Iraq’s oil fields next year, he said.