New Delhi, May 25: ONGC Videsh may have to alter its plans for Iraq.

Hussein al Shahristani, the oil minister of Iraq, said the contracts signed by the Saddam Hussein regime would be reviewed.

The terms and conditions under which ONGC Videsh got an onshore block near Iraq’s border with Kuwait would be amended to bring them in line with the new rules for exploration. The Indian PSU had struck oil in 1978. It is keen to resume further drilling in the block.

However, the minister ruled out the Tuba oilfield for ONGC Videsh. He said it would be put up for a fresh auction and given to the top bidder.

The consortium of ONGC Videsh, Reliance Industries and Sonatrach of Algeria had completed the negotiations for Tuba when the US-led forces invaded Iraq.

The consortium expected the Iraqi government to honour the commitments of the Saddam regime and hand over Tuba.

Al Shahristani however said that “no contract was signed for the field and so it will be put up in the international competitive bidding round. Indian companies will have to compete for it.”

Iraq’s new oil and gas bill would be approved by its parliament within two months. The first block will be up for bidding six months after the passage of the bill. “The second and third bidding rounds will follow after a gap of six months each.”

Refinery help

The war-ravaged nation is seeking the help of Indian companies in refineries and the development of infrastructure.

However, India is demanding greater access to oil assets.

“We are ready to build new refineries and also revamp and modernise old ones. But for that they need to give us oilfields on a nomination basis,” a senior Indian official said.

Al Shahristani said Iraq was producing 2.8 million barrels a day. It has the potential to produce more than 6 million barrels. He said the output would go up to 4 million barrels by 2010.