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Iraq Petroleum 2018: The Importance of Improved Fiscal Terms

Alessandro Bacci - February 7, 2018

ABSTRACT — After the important military victories obtained in the past months against the Islamic State, 2018 must be for Iraq the year of the country’s political and economic consolidation. Relaunching and improving Iraq’s economy cannot be separated from supporting and expanding the development of the petroleum (oil and gas) industry in the country. However, if Iraq wants to improve the attractiveness of its upstream petroleum sector, it has to revise the terms of its technical service contracts (T.S.C.s) because presently neither the government nor the international oil companies (I.O.C.s) are happy with the terms of the T.S.C.s. This paper first analyzes the present structure of the T.S.C.s and then provides some recommendations concerning some of the contracts’ possible future modifications.

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Alessandro Bacci is an independent energy consultant in relation to business strategy and corporate diplomacy (policy, government, and public affairs). Much of his activity is linked to the MENA region, an area where he lived for four years. Alessandro is now based in London, United Kingdom (www.alessandrobacci.com), and he is a member of the Association of International Petroleum Negotiators (A.I.P.N.). A multilingual professional, Alessandro holds a Bachelor of Laws and Master of Laws from the University of Florence (Italy), a Master in Public Affairs from Sciences Po (France), and a Master in Public Policy from the Lee Kuan Yew School of Public Policy (Singapore).  

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