International oil companies withdrawal from Iraq threatens plans for oil capacity boost

International oil companies (IOCs) that are attempting to exit their operations in Iraq will make it harder for the country to maintain its output in some fields, which will make it difficult for Iraq to achieve its target of 7 million bpd by 2025. According to Iraq’s oil minister Ihsaan Ismaael, the country’s inappropriate investment climate dissuades IOCs from staying, while IOC’s has complained about financial terms offered at the largest southern fields and the slow bureaucratic pace of approving capacity additions and infrastructure upgrades.