Middle East Economic Survey

VOL. LII

No 8

23-Feb-2009

IRAQ

Baghdad Cuts State Equity Stake For FirstUpstream Auction

By Rafiq Latta in Istanbul

Iraqs Ministry of Oil meeting with 32 international oil companies (IOCs) in Istanbul on 12-14 February made some key changes to the proposed structure of its first upstream bidding round. The international investor equity stake for the six oil developments on offer has been increased from 49% to 75%, and a 5% field decline rate will be factored into...