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