Iraq: Iraq to Pay $2 bln in Arrears to Foreign Companies-Deputy Oil Minister

Mar 4, 2016 | Aref Mohammed, Reuters
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Iraq will pay foreign oil companies about $2 billion in remaining arrears for 2015 this April and expects to reach an agreement over contracts by half-way through the year, the deputy oil minister said. International firms such as BP, Royal Dutch Shell , ExxonMobil, Eni and Lukoil operate in the southern oilfields under service contracts, whereby they are paid a fixed dollar fee for additional volumes produced.