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On June 30 and December 11, 2009, the Iraqi Ministry of Oil awarded contracts to international oil companies for some of Iraq's many oil fields. The winning oil companies entered joint ventures with the Iraqi Ministry of Oil, and the terms of the awarded contracts include extraction of oil for a fixed gain of $1.40 per barrel for the oil companies with the remainder going to Iraq.
Iraq's oil sector has suffered over the past several decades from sanctions and wars, and its oil infrastructure is in need of modernization and investment. As of June 30, 2010, the United States had allocated US$ 2.05 billion to the Iraqi oil and gas sector to begin this modernization, but ended its direct involvement as of the first quarter ...
The Iraq Petroleum Company (IPC), formerly known as the Turkish Petroleum Company (TPC), is an oil company that had a virtual monopoly on all oil exploration and production in Iraq between 1925 and 1961.
Iraq’s parliament belatedly approved a record $152 billion budget for 2023 on Monday, after months of wrangling over the sharing of oil revenue between the central government in Baghdad and the ...
While Iraq, OPEC's second-largest oil producer, exports about 85% of its crude via ports in the south, the northern route via Turkey still accounts for about 0.5% of global oil supply.
It could even help combat climate change by reducing oil flares, and relieve some of the stress on Iraq's d Iraq moves toward easing its energy crisis with $27B TotalEnergies deal, but challenges ...
During the Iran–Iraq War, Iraqi oil drilling operations in Rumaila declined while Kuwait's operations increased. In 1989, Iraq accused Kuwait of using "advanced drilling techniques" to exploit oil from its share of the Rumaila field. Iraq estimated that US$2.4 billion worth of Iraqi oil was "stolen" by Kuwait and demanded compensation. [26]
After seizing control of the Iraqi government, Qasim demanded better terms from IPC but decided against nationalization of Iraq's petroleum assets. [2] In 1961 Iraq passed Public Law 80 whereby Iraq expropriated 95% of IPC's concessions and the Iraq National Oil Company was created and empowered to develop the assets seized from IPC under Law ...