The decision will effectively reduce the companies’ fees from production. Oil producers in Iraq currently receive a fee from the government linked to production increases, which includes crude and oil by-products.
Iraq has invited foreign companies to bid for contracts to explore and develop petroleum reserves in 11 new blocks as the OPEC nation seeks to boost its output capacity. (Reporting by Moayed Kenany; Writing by Maher Chmaytelli; Editing by Susan Fenton)
Source: www.reuters.com/article/iraq-oil-gas/iraq-to-exclude-oil-by-products-from-companies-profit-in-new-contracts-idUSL8N1RB290