STANBUL, Feb 14 (Reuters) - International oil companies will lose contracts at Iraq’s biggest producing oilfields if they fail to start operating in the country within six months of deals taking effect, an Iraqi oil official said on Saturday.
Iraq will brook no delays on deals to boost oil output by 1.5 million barrels per day despite oil company concerns on security, said Abdul Mahdy al-Ameedi, deputy director general at Iraq’s petroleum contracts and licensing directorate.
“If any company has been awarded a contract and it doesn’t mobilise and perform activities on the ground six months from the effective date, the contract will be terminated,” Ameedi told reporters on the sidelines of a workshop in Istanbul for firms interested in bidding for deals.
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