Iraq will sign the first contracts with oil majors to boost its vital oil output in June, Iraqi Oil Minister Hussain al-Shahristani said on Monday.
The short term service contracts, which the companies hope will give them longer-term access to Iraq's reserves, the world's third largest, have been delayed from Baghdad's original target of March.
"It's taken us a bit longer than we have been planning for, we think it's going to be about June," the minister told reporters.
"Some of them will be signed in June, others will be delayed by a few months," he added, speaking on the sidelines of the International Energy Forum.
Shahristani confirmed that Royal Dutch Shell was negotiating for the Kirkuk and Maysan field contracts, Exxon Mobil XON.M for Zubair, Chevron and Total for West Qurna and BP for Rumaila.
The five two-year service contracts are intended to boost Iraqi output by some 500,000 barrels per day from 2.27 million bpd, and bridge the gap before a comprehensive oil law is passed to set up the framework for longer term investment.
A separate round of bidding for fields across Iraq will involve 35 companies, whittled down from 120 applicants.
Shahristani said he will invite bids this summer for service contracts for giant oilfields already pumping in the south and in the north around Kirkuk.
The Akas gas field in the western desert will also be included in the first bidding round this summer, he added.
Large oilfields that have been discovered and are not yet producing, such as Majnoon and Bin Umar, would not be included in the first round, the minister said.
AI
