In April 2017, the Oil Minister of Iraq, Mr Jabbar al-Luiebi, announced that Iraq would push forward with its proposal to modify the terms of its existing Technical Services Contracts (TSCs) through negotiations with International Oil Companies (IOCs).

Caroline Kehoe, Mark Hatfull, and Joseph Bentley of Herbert Smith Freehills – a longstanding partner of Menas Associates – have written this special report which discusses the apparent flaws within the original TSCs as both Iraq and the IOCs deal with the consequences of plummeting global oil barrel prices. Herbert Smith Freehills then move on to evaluate the reasons why Iraq might seek to renegotiate these IOC contracts, and what a rebalancing of interests could look like.

To receive a copy of the full report, please click here.