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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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    Major oil companies are absent from bidding for exploration and development in Iraq

    Rocky
    Rocky
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    Major oil companies are absent from bidding for exploration and development in Iraq Empty Major oil companies are absent from bidding for exploration and development in Iraq

    Post by Rocky Thu 26 Apr 2018, 3:38 pm

    [ltr]Major oil companies are absent from bidding for exploration and development in Iraq[/ltr]
    [ltr]Economie[/ltr]
     Since 2018-04-26 at 22:37 (Baghdad time)
    [ltr][You must be registered and logged in to see this image.][/ltr]

    [ltr]Baghdad Mawazine News[/ltr]
    [ltr]Iraq did not succeed in attracting investment from major oil companies in a bid to award oil and gas exploration and development contracts on Thursday, with no bids from major oil companies winning and Eni offering one offer.[/ltr]
    [ltr]The Oil Ministry has held a tender to award contracts to international energy companies, with 11 plots near the border with Iran and Kuwait and a marine patch in the Gulf waters.[/ltr]
    [ltr]"We have decided to accelerate the development of border fields after five decades of lack of investment, leaving it without investment means wasting the country's oil wealth," Iraqi Oil Minister Jabbar al-Luaibi said before the tender.[/ltr]
    [ltr]"I say to the companies (which will make offers) thank you ... because that means trust in Iraq ... and it means services and education for citizens living in the areas where you will work."[/ltr]
    [ltr]Five exploratory spots failed to lure any offers. Three patches were awarded to the UAE-based Crescent Petroleum, two of China's Jiujed, and also to China-based United Energy Group.[/ltr]
    [ltr]Eni made an unsuccessful bid, while other major oil companies did not bid. The ministry said on April 14 that 14 companies had shown interest in the contracts and had bought a package that included bidding documents and conditions for 11 plots.[/ltr]
    [ltr]"As an Iraqi company, the issue for us is not commercial, it is an investment and development of Iraq's oil wealth," Abdullah al-Qadi, chief executive of Crescent Petroleum, told Reuters.[/ltr]
    [ltr]Patches were scheduled for June. The deadline was extended to April 15 and then postponed to April 25 to give applicants more time, the Oil Ministry said.[/ltr]
    [ltr]Abdul Mahdi al-Amidi, director of contracts and licenses at the Ministry of Oil that a combination of factors behind the failure of the five patches in the call for proposals.[/ltr]
    [ltr]He added that some of them extend over previous battlegrounds, some are difficult to access, and the marine area lacks more data.[/ltr]
    [ltr]Amidi said another round could be held for the five patches but gave more details.[/ltr]
    [ltr]The contracts offered excludes secondary oil products, establishes a link between the prevailing oil and counterparty prices received by the companies and applies royalties to the concession.[/ltr]
    [ltr]Oil companies operating in Iraq are currently receiving government fees linked to increases in production, which include crude and by-products such as LPG.[/ltr]
    [ltr]Iraq, the second largest producer of the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, decided to change contracts after oversupply led to the collapse of oil prices in 2014, reducing Baghdad's ability to pay those fees.[/ltr]
    [ltr]Companies such as BP, Exxon Mobil, Eni, Total and Royal Dutch Shell have helped boost Iraq's production over the past 10 years by more than 2.5 million barrels per day to around 4.7 million bpd.[/ltr]
    [ltr]is over[/ltr]
    [ltr]M[/ltr]




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