IOCs scramble to analyze new Contract Model

Iraq is giving international oil companies (IOCs) just two weeks to evaluate a new contract model that will serve as the basis of an upcoming bidding round for 11 oil exploration and development projects.

The Oil Ministry has set April 15 as the deadline for companies to submit bids, according to Abdul Mahdy al-Ameedi, director general of the Petroleum Contracts and Licensing Directorate (PCLD), who presided over a briefing for IOCs at the ministry Thursday to outline the contract model and bidding process.

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