Dublin-3 based oil firm, Petrel, is seeking new oil rights in lieu of cash that the Iraqi Government to pay up on a major oil contract.Petrel is seeking oil rights on its Subba and Luhais Iraqi joint venture project following a failure by the Iraqi government to honour an agreed payment schedule. Since signing the USD197 million contract in 2005 and receiving a USD20 million advance into a joint venture account from the Iraqi authorities, Petrel has completed around 50pc of the project work.
The work has been approved by the authorities and Petrel has billed USD54 million against the project Letter of Credit, but it has not received the money due, reports Businessworld.ie.
