IOCs operating in Iraq’s southern oil fields are frustrated with the oil ministry’s recent uptick in both payment delays and increased deductions from their reimbursed expenses.
A senior industry source muses to MEES that “they [Baghdad] are deducting from upstream operators left and right” causing “lots of frustrations.” Under the terms of the Technical Service Contracts (TSCs) signed with most IOCs, invoices are sent to Baghdad quarterly and are assessed against the IOC’s spending plans under the TSC. (CONTINUED - 199 WORDS)