Baghdad-Iraq is asking foreign oil companies to push forward on oil field development despite low oil prices, according to a letter sent Monday by oil minister Jabbar al-Luaibi to the oil companies. Titled “Targets of the Service Contracts,” the letter acknowledged the impact that the low oil price environment over the past two years has created, including the requirement to reduce spending, but in essence conveyed a message that the more foreign oil companies produce, the more money the state will have with which to pay.
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