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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Newspaper: Iraq reduces production fees paid to foreign oil companies

    Rocky
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    Newspaper: Iraq reduces production fees paid to foreign oil companies Empty Newspaper: Iraq reduces production fees paid to foreign oil companies

    Post by Rocky Fri 30 Mar 2018, 6:53 am

    Newspaper: Iraq reduces production fees paid to foreign oil companies
    March 30 2018 11:21 p
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    [rtl][rtl]Oil Ministry[/rtl]
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    Baghdad Post
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    Iraq will exclude secondary oil products from the revenues of foreign oil companies in the new contracts expected to be awarded in June, which means practically reducing the production fees it receives from the government, the newspaper Al-Quds Al-Arabi said.

    "Oil producers in Iraq are currently receiving government fees linked to increases in production, including crude and by-products such as liquefied petroleum gas and dry gas." However, Iraq, OPEC's second largest producer, after Saudi Arabia, decided to change contracts after the " Supply to the oil price collapse in 2014, which reduced the government's ability to pay fees. "


    "Iraq has called on foreign companies to compete for contracts to explore and develop oil reserves in 11 new areas as it seeks to strengthen its production capacity."


    The new conditions, announced on Thursday by Abdul Mahdi al-Amidi, director of the Ministry's licensing and contracts office, include other items that will reduce corporate profits.


    "Companies like BP, ExxonMobil, Eni, Total and Royal Dutch Shell have increased Iraq's production over the past 10 years from more than 2.5 million bpd to about 4.7 million bpd," Amidi said, "He said.


    The newspaper said: "Iraq hopes to stop the burning of gas by 2021, which cost the government lost revenues of about 2.5 billion dollars and sufficient quantities to meet most of the shortage of supply of gas to generate electricity, according to the World Bank On the other hand, the Iraqi oil minister, Jabbar al-Allaibi, A 235-megawatt gas-powered power station to supply power to the giant Rumaila oil field in Basra. The plant was built by Rumaila, British BP and PetroChina, as well as the state-owned Basra Oil Company. 


    "The plant is working with the associated gas that comes out when oil is extracted from the field, which was previously burned at the head of the wells and provides 500 jobs for the Iraqis." 



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