Without prejudice to the laws, rules and regulations, and in response to the requirements of the Extractive Industries Transparency Initiative EITI, Ministry of Oil (MoO) – being the competent authority on behalf of the Iraqi Government – is responsible for managing and maintaining the hydrocarbon wealth in Iraq in order to ensure the ultimate economic benefit of the country and the preservation of the interest of present and future generations and the preservation of the environment and the safety of land, water and air.
MoO publishes on its official website all standard service contracts in its final form (Definitive Contracts) aimed at the exploration, development and production of the resources. All the requirements, conditions, addendums and attachments to those contracts are published to the public too.
All contracts signed between national oil companies that are owned by ministry of oil (SOEs) and international oil companies (IOCs), are identical to the standard contracts published. However, some of the technical and financial clauses that are included in the confidential provisions are not going to be disclosed because they require the consent of both parties of the contract .
In addition to the standard contracts, ministry of oil publishes all information relating to waiver and transfer of shares between IOCs, quantities of crude oil and gas produced, cost incurred, cost paid, profitability and financial returns for production are also disclosed.
Also, MoO publishes information on the quantities of crude oil exported by oil marketing company (SOMO) as well as its monthly financial revenues.