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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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    Iraq hopes to meet 25 percent of energy needs through the fifth round of oil licensing

    Rocky
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    Iraq hopes to meet 25 percent of energy needs through the fifth round of oil licensing Empty Iraq hopes to meet 25 percent of energy needs through the fifth round of oil licensing

    Post by Rocky Wed Feb 08, 2023 8:23 am

    Iraq hopes to meet 25 percent of energy needs through the fifth round of oil licensing



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    2023-02-08 05:49
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    Shafaq News/ The Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani confirmed that the final signing procedures for the fifth licensing round of contracts for exploratory blocks and border fields are proceeding, and expediting the activation of contracts in order for the winning companies to start developing border patches.
    This came after the Council of Ministers, in its session held yesterday, Tuesday, February 7, 2023, approved the recommendation of the Ministerial Council for Energy (23015-d for the year 2023), which stipulates “proceeding with the final signing and activation of contracts for the licensing round of border blocks and fields (the fifth round), for a period of time.” Too long to transmit.



    Abdul-Ghani said in a statement today, Wednesday, that he directed the Petroleum Contracts and Licensing Department and the concerned authorities in the ministry to expedite the completion of the procedures required in coordination with the winning companies in the fifth licensing round, after the procedures were suspended due to circumstances outside the control of the ministry, as they were announced in 2017 and in late April of 2018. The tour was conducted, which resulted in the referral of (6) exploratory plots for development by the winning companies in the round . Basra, and it was referred to the Chinese company (Geo Jade) as well, and the development and production of the Sinbad oil field in the Basra Governorate, and it was referred to the Chinese (UAG) company,
    He referred to the development and production of the Al-Khashm Al-Ahmar-Anjana fields in Diyala Governorate, and it was referred to the Emirati company (Crescent Oil). Exploration, development and production of the exploration patch of Khader Al-Maa in Basra Governorate, and it was referred to the Emirati company (Crescent Petroleum) as well.
    The official spokesman for the ministry, Assem Jihad, said that the contracts were signed with the initial letters with the winning companies and then referred to the Council of Ministers / Energy Affairs Committee for the purpose of approval and ratification in the second week of June 2018, adding that the Ministerial Council for Energy issued Resolution No. (8) for the year 2020 included the recommendation to present the fifth licensing round to the Council of Ministers after the observations of the Federal Office of Financial Supervision were fulfilled
    He added that the Council of Ministers issued its Resolution No. (21) of 2020, which includes the approval of Recommendation No. (4) of the Energy Ministerial Council Resolution (8 of 2020) regarding the approval of contracts for the round of fields and border patches (the fifth round).
    Jihad also indicated that the expected daily production rates from the round contracts amount to (1000) million standard cubic feet per day of associated gas, in addition to quantities of crude oil of about (175) thousand barrels per day, which will contribute to the processing of electric power stations with a rate of (25%). % of the gas needs of the Ministry of Electricity.
    It is noteworthy that the fifth licensing round has faced many reactions raised by political parties and the media, which delayed its implementation for more than four years, leaving losses and severe damage to the oil industry and the Iraqi economy, according to officials in the Ministry of Oil.
    The Ministry of Oil presented the details and objectives of the fifth licensing round to the judicial authorities, the Financial Supervision Bureau and the Integrity Commission, after what was raised against them, and they were reviewed, as the Ministry's procedures were validated.
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