1st round oil permissions will boost production to 6m bpd – minister

BAGHDAD / IraqiNews.com: The Iraqi Oil Minister Hussein al-Shahrestani said on Tuesday that the first round of permissions, granted for foreign companies according to oil services contracts, will boost the Iraqi oil production level to more than six million barrels per day (bpd) during the coming six years. “Iraq will pay $2 per each barrel increase in production,” al-Shahrestani said. He said this amount will be taxed by the Iraqi Finance Ministry by 35 percent, and 25 percent will go to the Iraqi partner. “What each of those companies would actually get is around 97 cents per each additional barrel,” he said. MH(P)/SR 1