Workers at the Rumaila oilfield
Iraq turns an IOC corner
Following months of uncertainty about potential partner exits, Baghdad now has cause for optimism
Iraq has struggled to ramp up oil production in line with lofty ambitions. And continued IOC participation in developing the giant southern oilfields has recently emerged as a thornier challenge even than politics, insecurity, volatile oil prices, Opec-related production curbs and the impact of Covid-19. But the IOC picture now looks as if it is becoming clearer, albeit with challenges remaining. And potential new arrangements on terms offer cause for optimism. Extraction fees in southern Iraq can be as low as $4-6/bl, putting it on a par with Saudi Arabia and among the world’s cheapest. But, in most cases, the fees paid to IOCs and NOCs under long-term technical services contracts (TSCs) ar
Also in this section
25 March 2025
Cote d’Ivoire’s ambitions to become a major regional producer have gained renewed momentum, with established players and new entrants striking upstream deals and committing to long-term investment
24 March 2025
Indian E&P company wants to take domestic production to a new horizon, given the amount of unexplored opportunities
21 March 2025
Two recent developments raise the prospect of a revival in northern Iraqi oil and gas fortunes, but familiar obstacles could thwart momentum
20 March 2025
As cash-strapped Western governments commit to substantially raising defence expenditure, a similar dynamic is playing out in Saudi Arabia’s oil and gas sector, as Saudi Aramco maintains it heavy capex push despite reduced revenues
