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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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    An economist reveals 11 differences between Kurdistan contracts and the fifth licensing round

    Rocky
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    An economist reveals 11 differences between Kurdistan contracts and the fifth licensing round Empty An economist reveals 11 differences between Kurdistan contracts and the fifth licensing round

    Post by Rocky Mon 20 Feb 2023, 4:45 am

    An economist reveals 11 differences between Kurdistan contracts and the fifth licensing round

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    Economy News-Baghdad
    Today, Monday, economist Nabil Al-Marsoumi explained the difference between Kurdistan contracts and the fifth licensing round.
    Al-Marsoumi said in a statement posted on Facebook, “The difference between Kurdistan’s contracts and the fifth licensing round lies in capturing the following:
    First: Both of them are of the type of production-sharing contracts or production-sharing contracts.
    Second: The duration of the Kurdistan contracts reaches 37 years, including the exploration period, and it continues for a period of (5) years, extendable for two years, to become (7) years. As for the stage of production and development, it was (20) years, extendable to (5) years. As for the fifth round contracts, the duration of these contracts reaches The contracts are up to 25 years for development and production contracts, and 34 years for exploration, development and production contracts.
    Third: The contracts included undeveloped productive and explored fields and exploration blocks.
    Fourth: In Kurdistan contracts, the oil rent is 10%, while it rises in the fifth round to 25%.
    Fifth: The oil costs in Kurdistan contracts are paid by 40%, and it rises in the fifth round to 70%, which is a very high percentage if the price of a barrel of oil reaches more than 21.5 dollars. Because foreign companies control costs, more than half of the oil revenues will be obtained by foreign companies within the cost and profit oil. This analysis supports Kurdistan obtaining only 44% of its total oil revenues in 2022, despite the fact that about 8 years have passed since the start of production in the region because foreign companies It is keen to keep costs high in order to maximize its profits. Therefore, foreign companies are also expected to account for about half of Iraq's oil revenues because of the large percentage of oil costs.
    Sixth: The profit oil that is paid to foreign companies in the region ranges from 20 to 30%, and in the fifth round it ranges from 9.21% to 19.99%.
    Seventh: The share of the government partner in most contracts of Kurdistan is 20%, while there is no share for the government partner in the fifth round.
    Eighth: A 30% tax was imposed on the profits of foreign companies, then it was abandoned in some contracts in Kurdistan, while the fifth round contracts included a 35% tax on the profits of the foreign company.
    Ninth: The peak of production in Kurdistan contracts was not specified in the fifth round.
    Tenth: Most of the companies that were contracted with in the Kurdistan Region are small companies, and are not known internationally, as is the case in the fifth round, in which the six fields were transferred to the Emirati Crescent Company and the Chinese Geo-Giad Company.
    Eleven: Both of them are subject to international arbitration in the event that the dispute is not resolved amicably between the national and foreign parties.

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    Added 02/20/2023 - 12:55 PM
    Updated 2023/02/20 - 1:45 PM
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