Iraq says the unveiling of new model contracts by end-2017 is a key step towards revamping its maligned TSCs. Firms hope existing deals will also be up for reform.

 

Iraq plans to introduce not one, but three new types of contracts by end-2017, Oil Minister Jabbar al-Luaibi revealed at the Opec meeting in Vienna this week. Iraq has been looking to move away from its rigid techinal service contracts (TSCs) since oil prices crashed in late 2014. Under these, per-barrel remuneration to...