Iraq: Iraq Prepares to Amend Its Existing Oil Contracts

Mar 9, 2016 | Omar Sattar, Al-Monitor
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Oil revenues accruing from oil field development and production in Iraq no longer match the revenues made before the licensing contracts the Ministry of Oil signed in 2009-2010. The Iraqi government will be unable to reimburse the foreign oil companies’ dues, which amounted to $20 billion in 2015, if global oil prices continue to decline.