Tag Archives | international oil companies (IOCs)

Ministry of Oil: IOC Contracts Must Reflect Prices

By Simon Kent. Newly appointed Minister of Oil Jabbar Ali al Luaibi has announced that the government's plan to review contracts with IOCs is still in effect. Iraq has long been seeking contracts which reflect lower prices, since the technical service contracts (TSCs) signed in 2009 remunerate IOCs for a fixed per barrel fee. This […]

Iraq to IOCs: Low Spending Plans for 2016

By Simon Kent. The director of licensing at Iraq's Ministry of Oil, ¬†Abdul Mahdy Al-Ameedi, has written a letter to IOCs asking them for conservative spending plans for 2016 in light of the ongoing oil price rout. The low oil prices seen since last year have limited Iraq's ability to pay companies to meet production […]

Another New Service from Iraq Business News

At Iraq Business News, we are committed to providing our readers with the very best business information on Iraq. To that end, we are delighted to announce the launch of our new Reference pages, which will support our news service by giving all the background information that our readers need about the country. We are […]