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
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
