Iraq Set to Seek Foreign Oil Bids
by: Ernesto Londoño and K.I. Ibrahim
The Washington Post

Critics say contracts will benefit giant firms, hurt
government politically.

Baghdad – Iraq is poised to open its coveted oil fields to
foreign companies this week for the first time in nearly
four decades, a politically risky move in a country eager
to shake off the stigma of occupation.

Iraqi politicians and some veteran oil officials have said
the deals are unduly beneficial to oil giants, which are
viewed warily by many in this deeply nationalistic but
cash-strapped country.

Oil executives have been following the matter with
apprehension, industry analysts said, but they are eager
to get a foothold in Iraq, which has the world’s second-
largest proven crude reserves and is seen as the only
major penetrable market.

“It’s something the industry really wants,” said Ben Lando,
editor of Iraq Oil Report, an Iraq energy news Web site.
“The number of reserves around the world that they have
access to is declining. And Iraq has so much oil.”

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Iraq’s Oil Ministry is expected to auction eight contracts
for six active oil fields and two largely undeveloped gas
fields Monday and Tuesday. Thirty-five companies have been
selected to submit bids for the 20-year service contracts.

The winners will be required to give the Iraqi government a
total of $3 billion in loans. They will be compensated for
costs and will earn a per-barrel fee for boosting production
at the fields, ravaged by years of war and sanctions.

Although the terms for investors are less than ideal,
analysts said, those who get picked in the first round
are likely to receive more lucrative contracts in the
future. The companies are also preparing bids for a second
round of contracts for work at undeveloped fields, which
Iraqi officials expect to award in coming months.

Companies that secure the contracts will be wading into a
country with a latent insurgency, endemic corruption and
deeply divided political leaders who have been unable to
enact a hydrocarbons law.

The man leading the effort to bring in foreign investors,
Oil Minister Hussain Shahristani, has come under attack in
recent days by some lawmakers and oil officials, who argue
that Iraq should rebuild its crippled oil sector without
substantial help from foreign companies.

Iraq’s parliament does not have a formal role in awarding
the contracts, whose legality has been questioned by some
lawmakers and the autonomous Kurdistan Regional Government
in northern Iraq.

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Critics say that Saddam Hussein-era laws that stressed
nationalization of Iraq’s oil industry remain in effect
until a new law is passed.

“There is a majority opinion inside parliament that opposes
these bids,” legislator Alia Nusaif said in an interview,
adding that the Oil Ministry should have given lawmakers
more time to examine the terms. “We must think ahead and
ensure that our future generations are not left empty-
handed because of the ill motives of some.”

Shahristani, who was questioned by lawmakers last week
during a sometimes contentious two-day hearing, argued
that Iraq cannot afford to rebuild its oil sector without
help. The recent drop in oil prices, which has stymied
government initiatives and triggered a freeze on the
hiring of security forces, has underscored the urgent
need for foreign cash and expertise, he said.

“All experts inside and outside the government agree on
the need to repair the oil infrastructure and expand
exploration development and production,” Shahristani
said. “The country depends almost exclusively on its oil
reserves.”

Iraq expelled foreign oil companies in 1972 amid a regional
movement toward nationalization. Its national oil company
performed well until the 1991 Persian Gulf War, which was
preceded by sanctions imposed by the United Nations.

Violence and the exodus of scores of technocrats after
the U.S.-led invasion in 2003 have taken a toll on the
industry. Pipelines in northern and southern Iraq are
in dire need of repair, and much of the equipment at
functioning oil fields is outdated or underperforming.

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Iraq pumps an estimated 2.4 million barrels of oil a day.
With foreign capital and expertise, oil experts said, the
figure could grow to 10 million in a few years.

Iraq has an estimated 115 billion barrels of proven oil
reserves, second only to Saudi Arabia. Other attractive
markets, such as Venezuela and Russia, have in recent
years asserted more state control over the industry.

The government, keenly aware of the potential for
controversy and political fallout, has sought to portray
the process as transparent. Bidders will submit sealed
proposals that will be evaluated using a set formula
during televised sessions.

The bidding process and its outcome could have political
consequences for Prime Minister Nouri al-Maliki, who is
expected to seek reelection in January. Many Iraqis still
view Maliki as somewhat beholden to the U.S. government,
and his rivals could use the oil issue to portray him as
a sellout.

“The nationalization of Iraq’s oil sector was extremely
popular, but national capacity was hurt by wars during
Saddam Hussein’s time and his misuse of the oil sector,”
Lando said. “They had great talent, great coordination.
So Iraqis see that and say: Why can’t we re-create that
rather than rely on foreign companies?”

Former oil minister Ibrahim Bahr Uloom said the government
would have been wise to delay the process until after the
election.

“What will happen if a new government comes and a new prime
minister and a new parliament don’t go ahead with these
contracts?” he asked.

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