Iraq warns big oil groups on spending curbs in southern oilfields - FT.com

Iraq warns big oil groups on spending curbs in southern oilfields - FT.com:

"Iraq has warned big western oil groups they are likely to have to cut spending on its southern oilfields in the coming year after a collapse in international prices that has left Baghdad with less revenue to pay them.
In a letter seen by the Financial Times, and sent to companies including ExxonMobil, Royal Dutch Shell, BP and Italy’s Eni, the country’s oil ministry says that the government “has sharply reduced the funds available” to it and that this will lead to “corresponding reductions of spending within the ministry”."



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