Oil: The sixth license is under study, and the war has disrupted foreign companies

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[size=52]Oil: The sixth license is under study, and the war has disrupted foreign companies[/size]

[size=45]Yesterday, Sunday, the Ministry of Oil announced work on a large project in the Bin Omar field in the south, while indicating the instruction to resume the work of the contracting companies in the fifth licensing round.[/size]
[size=45]"There are serious attempts by Iraq to invest in the free gas fields," Abdul-Baqi Khalaf, the adviser to the Ministry of Oil for Energy Affairs, said in a statement to the official news agency, followed by (Al-Mada).[/size]
[size=45]Khalaf added, "The circumstances of the war and many challenges led to the withdrawal of some companies, such as the Cokaz company in the crutch field, which started and spent large sums of money in the field, but withdrew due to the entry of the terrorist ISIS gangs and the war that took place after that to eliminate them."[/size]
[size=45]While he pointed out that “there is hesitation on the part of some companies to invest in the Mansouriya field,” he explained that “gas investments are large and costly and need political stability.” He stated that “the current government is serious about signing these projects.”[/size]
[size=45]Khalaf explained, “The Ministry of Oil is working on a free gas project in the south in the Bin Omar field, with a capacity of 300 million square feet, and it is a large project,” stressing that “the trend is now with high momentum towards gas projects.”[/size]
[size=45]He noted that "the sixth licensing round is still under study and preparation, and no contract or announcement has been made about this round."[/size]
[size=45]Khalaf continues, “As for the fifth round, it has been since the two years: 2017 and 2018, and contracts were concluded on 6 geographical border patches, but most of them stopped, due to the observations of the supervisory authorities at that time, and they were under study.”[/size]
[size=45]And he added, "These observations were recently ended, and the government instructed the continuation of the work of the contracting companies," noting that "contracts are signed with many companies, such as Chinese, Malaysian, and other companies."[/size]
[size=45]And Khalaf went on to say that “there are separate gas fields, including in Diyala Governorate, there are more than one geographical area, in addition to the Hoveizeh and Sinbad fields in Basra.”[/size]
[size=45]For his part, the head of the Parliamentary Oil and Gas Committee, Haibat al-Halbousi, stated that "Iraq still imports more than 60% of oil derivatives."[/size]
[size=45]Al-Halbousi called for "involvement of the private sector and investors in order to build and develop refineries."[/size]
[size=45]And he stressed the need to support the Oil Exploration Company, to intensify the geological survey, in a way that contributes to maximizing the national reserve of hydrocarbon wealth.[/size]
[size=45]Al-Halbousi spoke about "the importance of investing the gas wealth that is still wasted without investing it despite its global importance, and starting real gas production, which makes it synonymous with oil wealth."[/size]
[size=45]And he confirmed the agreement, “between the Parliamentary Oil and Energy Committee and the Ministry of Oil, on the Council of Ministers’ approval of the fifth round to start investing in gas and reduce imports.”[/size]
[size=45]Al-Halbousi warned, to "continue to invest in the crutch gas field, and to announce the sixth licensing round for the explored fields in western Iraq."[/size]
[size=45]He pointed out, "the relentless pursuit of the Parliamentary Oil and Gas Committee, to proceed with the long-awaited oil and gas law legislation."[/size]
[size=45]Al-Halbousi added, "This matter will contribute to securing a solid legal environment for work and investment in the oil and gas sector, away from political tensions."[/size]
[size=45]It is noteworthy that Iraq still relies more than 90% on oil revenues to secure its needs within the budget law.[/size]
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