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Gas flaring associated with the process of extracting oil from one of the fields of Basra because of the lack of potential for investment
Gas flaring associated with the process of extracting oil from one of the fields of Basra because of the lack of potential for investment
Oil want to open a "new page" with the oil companies to modify their contracts and increase production
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Editor: BK 23/8/2016 18:19 Number of Views: 1068
Editor: BK 23/8/2016 18:19 Number of Views: 1068
Long-Presse / Baghdad
The Ministry of Oil, on Tuesday, seeking to open a new page with the international companies operating within the licensing rounds, indicating that it includes amending some clauses of those contracts to increase production and investment "optimization" of gas to meet the local need.
This came during the minister Jabbar Laibi meeting, today, with the joint departments of oil fields within the licensing rounds decades, according to a ministry statement received (long-Presse) a copy of it. .
He and coffee, that "the meeting is to open a new page of cooperation with international oil companies operating in Iraq, and to improve and modify certain paragraphs of the contracts oil concluded with them in order to increase production and investment optimization of gas," vowing to "overcome the problems and challenges faced by the international oil companies, to improve work and increased production of oil and gas and to maximize national revenue. "
Furthermore agent said senior ministry, Fayad Hassan Nima, according to the statement, "The meeting comes within the ministry's keenness to provide ideal conditions for work of international companies operating in Iraq, despite the economic and security challenges," returned to these "encounters lead to the establishment of a genuine partnership aims to develop including the relationship is reflected in the development of oil fields and increase production, as well as the best investment for the gas and cover the local need for both the electric power sector, or other industrial and service sectors. "
The Committee on Oil and parliamentary power, I went back in (the twentieth of August now 2016), that the licensing rounds, the "worst" contracts for Iraq in a decade, and invited to revisit them, while the oil ministry confirmed "no possibility" to cancel those contracts, the expert that "poor" management of these tours and "corruption", which was marred by causing a "double production costs" on Iraq.
The Iraqi oil minister of the new, mighty and coffee, announced (15 August) the current, its intention to review the oil licensing rounds with international companies and increase oil production, confirming the presence of significant challenges to the development of the oil sector in Iraq.
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