Iraq’s Kurdistan Regional Government (KRG) is to pay IOCs according to their Production Sharing Contracts (PSC) in a bid to boost investor confidence and cut expenses. The region’s economy is suffering as oil revenues tank and this is piling political pressure on the government. The 1 February announcement by the Ministry of Natural Resources (MNR) brings an end to the monthly payments of $75mn that began in September. The KRG will be hoping that the move will reduce expenses and...