Commentary on the November 2008 Iraq Draft Technical Service Contract
Article from: OGEL 1 (2009), in Middle East, Buy Back Contracts
Executive Summary
January 28, 2009 - Dr. van Meurs was asked by the Chairman of the Oil & Gas Natural Resources Committee of the Iraqi Council of Representatives to provide his expert views on the draft Technical Service Contract ("TSC") for the development of large oil fields in Iraq. This commentary contains his views and opinions. The most positive feature of the draft is that it is an improvement on drafts previously proposed by the Ministry. The remuneration for incremental production is now on a per barrel basis. This rewards Contractors for achieving maximum production: a ...