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[size=36]Iraq signs an agreement with a Russian company to explore and develop an oil patch in Anbar[/size]
Economy | 04:30 - 04/09/2019
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BAGHDAD - Mawazine News
, the Ministry of Oil, on Wednesday, initialed a contract to explore, develop and produce exploratory patch No. (17) in the province of Anbar with the company (Russian Trans-Kaz).
Deputy Prime Minister for Energy Affairs, Oil Minister Thamer Ghadhban said in a statement received by Mawazine News that a contract was signed to explore, develop and produce the 17th exploration patch in Anbar province with the Russian company Stroy Trans Kaz. He pointed out that "the exploration area (17) of the most promising sites where studies and preliminary information indicate the existence of oil reserves ranging between (2-4) billion barrels of oil equivalent gas (60-70)% of it."
He confirmed the anger, "
For his part, Director General of Petroleum Contracts and Licensing Department, Abdul Mahdi Al-Amidi, said that the ministry sent the contract to the Ministerial Council of Energy and then to the Council of Ministers for approval in order to proceed with the final signing of the contract to begin exploration, development and production of the exploration patch.
Al-Amidi added that "the contract commits the executing company to build a residential complex in Anbar province in addition to the development of infrastructure and services for the province at an estimated value of $ 100 million, as well as the allocation of one million dollars from the date of activation of the contract after the approval of the Council of Ministers and until a commercial discovery to finance the development of structures. Infrastructure. "
He pointed out that "amendments have been made to the contracts of the fourth licensing rounds and included in this contract and these changes serve the public interest, including the abolition of administrative loads (1%) of petroleum costs and the cancellation of additional costs and interest rate of (1% + LIBOR) and the imposition of fees. The amount of (35%) of the sale value of part or all of the share of the contractor participation, in addition to the cancellation of the contractor office outside Iraq. "
In turn, the representative of the Russian company Stroy Trans Kaz, "his company's keenness to strengthen and increase the volume of cooperation with the oil sector in Iraq," pointing out that "this contract contributes to achieve this goal, and that his company will work to develop this exploration area and to achieve common goals For both sides. "
For his part, said spokesman for the Ministry of Oil, Asim Jihad, "
Jihad added that "this contract was signed in 2003 between the oil exploration company and the Russian company (Stroy Trans Kazawil) in the form of a production contract contract was not ratified at the time, has changed the wording of the contract to a service contract similar to the licensing round contracts Fourth after several rounds of negotiations between the ministry and the company. "
Jihad explained that "the duration of the contract (34) years, including (9) years for the exploration phase and (25) years for the development and production stages and in the case of reducing the exploration period is added to the years of development and production."
, the Ministry of Oil, on Wednesday, initialed a contract to explore, develop and produce exploratory patch No. (17) in the province of Anbar with the company (Russian Trans-Kaz).
Deputy Prime Minister for Energy Affairs, Oil Minister Thamer Ghadhban said in a statement received by Mawazine News that a contract was signed to explore, develop and produce the 17th exploration patch in Anbar province with the Russian company Stroy Trans Kaz. He pointed out that "the exploration area (17) of the most promising sites where studies and preliminary information indicate the existence of oil reserves ranging between (2-4) billion barrels of oil equivalent gas (60-70)% of it."
He confirmed the anger, "
For his part, Director General of Petroleum Contracts and Licensing Department, Abdul Mahdi Al-Amidi, said that the ministry sent the contract to the Ministerial Council of Energy and then to the Council of Ministers for approval in order to proceed with the final signing of the contract to begin exploration, development and production of the exploration patch.
Al-Amidi added that "the contract commits the executing company to build a residential complex in Anbar province in addition to the development of infrastructure and services for the province at an estimated value of $ 100 million, as well as the allocation of one million dollars from the date of activation of the contract after the approval of the Council of Ministers and until a commercial discovery to finance the development of structures. Infrastructure. "
He pointed out that "amendments have been made to the contracts of the fourth licensing rounds and included in this contract and these changes serve the public interest, including the abolition of administrative loads (1%) of petroleum costs and the cancellation of additional costs and interest rate of (1% + LIBOR) and the imposition of fees. The amount of (35%) of the sale value of part or all of the share of the contractor participation, in addition to the cancellation of the contractor office outside Iraq. "
In turn, the representative of the Russian company Stroy Trans Kaz, "his company's keenness to strengthen and increase the volume of cooperation with the oil sector in Iraq," pointing out that "this contract contributes to achieve this goal, and that his company will work to develop this exploration area and to achieve common goals For both sides. "
For his part, said spokesman for the Ministry of Oil, Asim Jihad, "
Jihad added that "this contract was signed in 2003 between the oil exploration company and the Russian company (Stroy Trans Kazawil) in the form of a production contract contract was not ratified at the time, has changed the wording of the contract to a service contract similar to the licensing round contracts Fourth after several rounds of negotiations between the ministry and the company. "
Jihad explained that "the duration of the contract (34) years, including (9) years for the exploration phase and (25) years for the development and production stages and in the case of reducing the exploration period is added to the years of development and production."
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