The Iraqi oil ministry has sent out to international oil companies the final model contract and tender protocol for the eight oil and gas fields included in its landmark first bid round, ministry sources and company officials said Monday.
The delivery of the model contract and tender protocol is the first in a series of timelines fixed by the ministry. International oil companies are to pay participation fees for the fields on which they choose to bid by June 1, ministry sources told Dow Jones Newswires.
Companies have to submit by June 15 a bid bond of $5 million to the oil ministry for each field on which they choose to bid. The money is recoverable for companies that don't win contracts. By May 15 companies need to submit details about their representatives to obtain Iraqi visas in order to attend the bidding session.
Next is the bidding and award session on June 29 and 30 to be held in Baghdad, where international companies will submit their bids and the ministry will award contracts and names the winning firms. The session will be public and open to the press, they said.