The New Petroleum Law of Iraq

Raed has done a translation of the new oil law of Iraq.
On the royalties it has the following;

ARTICLE 34 ROYALTY

A- INOC and other holders of an Exploration and Production right shall pay a royalty on Petroleum produced from the Development and Production Area, at the rate of 12.5% of Gross Production measured at the entry flange to the Main Pipeline.
B- The collection of Royalty shall be in kind or in cash at the option of the Ministry.
C- Where the royalty is paid in cash, it shall be calculated according to the prevailing Market Price in accordance with Petroleum Regulations

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