Iraq’s Oil Ministry announced this week that it will push forward with developing the 3.5-4.5tcf Mansuriya gas field—a surprising development given that shareholders Turkish state firm TPAO (25%, operator), Oil Exploration Company (25%), Kuwait Energy (22.5%), and Kogas (15%) still hold a 20-year development service contract signed in 2011. Nonetheless, Oil Minister Jabbar al-Luaibi calls their efforts a “failure” and maintains “great confidence” in the national oil companies’ capabilities to do a superior job.
"The ministry will not hesitate to transfer unfulfilled contracts held by foreign companies to national companies, which have the expertise and ability to implement similar work at a lower cost," Mr Luaibi said. (CONTINUED - 357 WORDS)
