Last week, the Basra Oil Company — the state-owned firm coordinating production in the oil-rich southern province — asked IOCs to accept a delay in six months’ worth of payments and cut work budgets by 30 per cent, according to letters seen by AFP. — Reuters pic
Last week, the Basra Oil Company — the state-owned firm coordinating production in the oil-rich southern province — asked IOCs to accept a delay in six months’ worth of payments and cut work budgets by 30 per cent, according to letters seen by AFP. Iraq relies on oil revenues for more than 90 per cent of state expenses. Its 2020 budget was based on an estimated barrel price of US$56, more than twice the current rate.The spread of the novel coronavirus has severely disrupted rotations of key foreign nationals working at Iraq’s oil fields, risking a drop in the usual 4.5 million barrel per day production.
“We’re seeking approvals for an exemption for foreign staff so that we can secure the rotating teams. These companies have internal rules and you can’t keep the teams here for more than two months,” said BOC’s assistant director, Abbas.
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