Iraq: Exclusive: Iraq Oil Projects Face Delays as Companies Resist Spending Cuts

May 13, 2016 | Ahmed Rasheed, Reuters
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International oil firms have warned Iraq that projects to increase its crude output will be delayed if the government insists on drastic spending cuts this year, a senior Iraqi oil official said on Friday. Oil companies helping Iraq develop its massive oil fields effectively perform a role similar to oil service firms in that they have to clear spending with the government each year. They are then repaid with crude oil produced from existing fields.