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You are here:  Home / Energy Resources / Reliance Iraq oil signing bonus $15M

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Reliance Iraq oil signing bonus $15M

Published: Nov. 7, 2007 at 5:20 PM
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IRBIL, Iraq, Nov. 7 (UPI) -- Reliance Industries paid a signing bonus of between $15.5 million and $17.5 million for oil contracts to explore and develop two Iraqi Kurdish blocks.

The amounts, reported by The Times of India, represent the first time concrete numbers have been made public.

Iraq’s Kurdistan Regional Government has announced another round of production-sharing contracts, deals Baghdad calls illegal, claiming the KRG’s unilateral moves are unconstitutional.

Reliance was among the firms announced Tuesday. It signed deals for two exploration blocks in the KRG area, which has little of Iraq’s proven reserves, but experts believe the geological structures will turn up large deposits when fully explored.

The contracts themselves have not been made public, but KRG Natural Resources Minister Ashti Hawrami said they fall in line with the model production-sharing contract it has made public via its Web site.

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