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Iraq asks oil majors to shorten service contracts

Mon Jul 21, 2008 9:33am EDT

DUBAI/BAGHDAD, July 21 (Reuters) - Iraq has asked international oil firms 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.

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The revisions could delay the signing of the six contracts -- worth around $500 million each -- until August or September, one executive said on Monday.

Iraq's Oil Ministry said on June 24 it wanted the deals signed within a month. Oil Minister Hussain al-Shahristani has expressed frustration over delays in finalising the contracts.

But Baghdad has asked oil majors for revised proposals for contracts that will last just one year to 18 months, rather than the two years previously stipulated, executives at two of the oil companies said. (Reporting by Simon Webb in Dubai and Mohammed Abbas in Baghdad)

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