BAGHDAD – An Iraqi Oil Ministry official says the government plans to limit no-bid contracts with several major oil companies to one year.
The contracts sparked a backlash because they involve major Western oil companies.
The government will soon ask the majors to submit proposals that will last for one year to avoid overlap with longer-term contracts expected to be signed next June, according to the ministry official who spoke on condition of anonymity Thursday because he was not authorized to talk to the media about this issue.
Iraqi officials have said the government is negotiating short-term technical service contracts with Royal Dutch Shell PLC, BP PLC, Exxon Mobil Corp., Chevron Corp. and Total SA to boost oil production by 500,000 barrels per day.