The new payments regime, to be effective from 1 January, will replace interim payment arrangements in place since last September whereby major players DNO, Genel Energy and Gulf Keystone Petroleum received monthly sums for crude exports.
However, the trio are owed billions of dollars for historic exports and the new system announced by the Natural Resources Ministry on Monday is an apparent move to ensure continued activity by international oil companies in the semi-autonomous region of northern Iraq amid low oil prices.
The
