Oil Minister: The Iraqi Oil Services Center will transfer well revenues to the state treasury.

  Oil Minister: The Iraqi Oil Services Center will transfer well revenues to the state treasury.

 Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani Al-Sawad, explained today, Tuesday (May 20, 2025), that the establishment of the Iraqi Center for Oil Services will transfer financial revenues from oil extraction and well drilling to the state treasury instead of going to foreign companies.

Al-Sawad said in a statement to Baghdad Today, "The well-drilling operations require a number of supporting operations that will be under the control of the center, which will save money for the state treasury."

He pointed out that "the center has actually proceeded with updating specialized equipment in a number of oil companies, particularly the Basra Oil Company," explaining that "Basra Oil Company purchased some equipment years ago, and after its arrival in Iraq, the selling companies refused to deliver the software to Iraq. However, the company preserved this equipment, and it has now been updated, and it will enter service as important equipment in the oil sector."

Last Friday, the Oil Minister inaugurated the Iraqi Oil Services Center in Basra Governorate, a move he described as significant in achieving self-sufficiency in vital sectors. This move aligns with the government's directives and decisions within the government program, as well as creating national partnerships with the private sector and relevant entities in the oil industry. link