Iraq to Review Oil Contracts

Iraq to Review Oil ContractsIraq to Review Oil Contracts

Iraq is reviewing its oil production agreements with international firms because falling crude prices meant that the financial cost of existing service contracts were too high to bear. Oil Minister Adel Abdel Mehdi said Iraq is negotiating to restore its state share in oil production contracts with international companies to 20-25 percent, after it was reduced in recent amendments to around 5%, TradeArabia reported.