Iraq Dinar Speculation

April 29, 2009 (Reuters)

In case you were interested – check out this list of key dates for Iraq’s first bidding round for oil service contracts, which should be in place by mid-2009. Iraqi government expects to extract 1.5 million barrels of crude per day from these fields in addition to current oil production.

• April 23 – Oil Ministry will issue final contract models for companies to examine ahead of bid.
• May 15 – Deadline for companies to submit details for an Iraq entry visa for their representatives to come to Baghdad.
• June 1 – Participation payment fees due.
• June 15 – Bid bonds submissions due.
• June 15 – Oil Ministry issues target figures for the Initial Production Rate it requires for each field.
• June 29-30 – Bidding and award of contracts.
• During July – Ratification by cabinet of contract award
• July 10 – Return of bid bonds to unsuccessful bidders
• July 15 – Submission of proposed development approach and performance guarantees by contract winners.
• During August – Contracts signed and effective start date determined.
• 30 days after effective start date – deadline for payment of signature bonuses.