Â
Other stories: Top 10 billion dollar oil deals of the summer | 2009’s winners and losers in the oil industry |Â 10 events in oil’s history that shook the world | Top 10 Gulf mega projects | Top 10 largest publicly traded oil companies | Top 10 National Oil Companies by production | World’s 10 largest oilfield services companies | World’s 10 largest oil and gas contractors
The massive production contract for the Rumaila oilfield in Iraq, that was recently awarded to a BP-led consortium, could still be blocked by the country’s parliament despite reports to the contrary by the Oil Ministry.
A senior government official made the claims to news agency Reuters that the agreement could still be vetoed by senior lawmakers in Baghdad.
“The government believes that such a subject is included in its authorities, according to existing law, but if parliament finds these contracts or this [bidding] round … are not beneficial, parliament can prevent the government,” parliament speaker Ayad al-Samarai said in comments published by Reuters.
“Parliament can stop the government and its decision would be binding,” he added.
The comments come after the controversial live television auction at the end of June that resulted in the super giant Rumaila field being awarded to the consortium that is led by BP and includes the China National Offshore Oil Corp (CNPC).
The absence of an oil law in the Iraq is also proving problematic for the Oil Ministry. Without the law, claims that parliament could veto any contract award could cause delays in Iraq exploiting it’s massive oil and gas reserves.
Â
