Minister: Iraq wants foreign oil companies cut spending on the development of fields

January 19, 2016

Baghdad, Jan. 19 (Reuters) - Iraqi Oil Minister Adel Abdul-Mahdi said in a statement on Tuesday that Iraq wants to cut spending foreign oil companies to develop fields in the framework of its efforts to reduce the budget deficit caused by falling oil prices.

Abdul-Mahdi said at a meeting of the joint committees departments of oil fields in Baghdad that the ministry "are looking to reduce financial expenses and foreign oil companies operating within service contracts."

And Iraq's second-largest oil producer in OPEC and has service contracts with companies including BP, Shell, ENI, Exxon Mobil, Lukoil to increase production at aging fields.

(Preparation aura Kandil Bulletin Arabic - Edit Abdel Moneim Dirar)