The Production Sharing Contract (PSC) model is the dominant framework, defining the risk-reward split between the state and the contractor. National Oil Companies (NOCs): Entities such as Rosneft and Occidental, operating as primary contractors in specific fields.
Top Iraq Oil and Gas Companies 2024
Iraqi Ministry of Oil: The central governing body responsible for policy, regulation, and awarding of contracts. Fields such as Rumaila, West Qurna, and Zubair are not merely large; they are the engines of the national economy and the primary focus for international partnership.
Home to some of the world’s largest remaining oil reserves, the nation offers a compelling, albeit complex, landscape for international oil and gas companies. The state-owned Iraq National Oil Company (INOC) and its regional subsidiaries remain the ultimate authority, holding title to all resources.
Top Iraq Oil and Gas Companies 2024
These agreements are long-term and intricate, outlining specific obligations for exploration, capital expenditure, and the mechanism for cost recovery. Decades of conflict and sanctions gave way to ambitious growth targets, positioning the country as a critical player in meeting future global energy demand.
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