Iraq Moves to Profit-Sharing Terms in New Oil and Gas Contracts

OPEC’s second-largest producer, Iraq, seeks to attract more investment in its oil and gas industry by moving to profit-sharing contracts for new bid rounds from the technical service contracts it has awarded so far. The biggest change in Iraq’s petroleum regulatory landscape in decades is being made to attract higher bids and more investments in its huge oil and gas reserves, government officials have told Reuters. Under the profit-sharing contracts, the winners of the licensing rounds are being offered a share of the revenue from the…