Shortened: Iraq asks for revised shorter contracts from western companies
Iraq cuts back service contracts
Iraq has asked international oil companies to revise proposals for service contracts worth about $3 billion that aim to boost the country's oil output by about a quarter, oil company executives said.
The revisions,for contracts that will last just one year to 18 months, rather than the two years previously stipulated, could delay the signing of the six contracts - worth around $500 million each - until August or September, one executive told Reuters today.
Iraq's Oil Ministry said on 24 June it wanted the deals signed within a month. Oil Minister Hussain al-Shahristani has expressed frustration over delays in finalising the contracts.