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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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    Oil: Fifth round contracts obligated companies to employ Iraqis at least 90%

    Rocky
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    Oil: Fifth round contracts obligated companies to employ Iraqis at least 90% Empty Oil: Fifth round contracts obligated companies to employ Iraqis at least 90%

    Post by Rocky Tue 21 Feb 2023, 2:32 pm

    Oil: Fifth round contracts obligated companies to employ Iraqis at least 90%

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    Economy News-Baghdad
    The Ministry of Oil clarified its expectations regarding the volume of oil and gas production under the fifth licensing round, and while specifying the included governorates, it indicated that its contracts spared the country the risk of a decline in oil prices in its obligations with oil companies and committed the companies to an employment rate for Iraqis of no less than 90% while revealing at the same time the most prominent The contents of the sixth round, which the government intends to announce at a later time.
    "What distinguishes the fifth licensing round that took place today is that it will be for border fields with neighboring countries, and they will be converted into productive fields that add large quantities of crude oil and gas to national production," said Asim Jihad, spokesman for the Ministry of Oil, to the official channel.
    He added, "The investment of those fields was delayed for 5 years as a result of opinions and interventions of a political and non-professional nature; this affected the plans of the Iraqi Ministry of Oil and Economy and the government is insisting on proceeding with them and projects to increase production and develop the oil industry sector, and it is heading at several levels to invest gas in the ground or Gas associated with oil, and the latter increases its production by increasing oil production.
    He emphasized, "
    And he continued, "The fifth round fixed a clause that reduces the risks of falling oil prices for Iraq by not taking the government responsible for the decline in its obligations with the oil companies involved in that round. Likewise, the invested fields will be in poor border areas in the governorates of Diyala, Maysan and Basra, and thus it will reflect positively on its people, because it will provide Job opportunities for them that raise their standard of living," pointing out: "The round contracts oblige oil companies with an employment rate for Iraqis in those fields of no less than 90%."
    He pointed out, "These fields will produce 250,000 barrels of oil per day after completing work in them, and between 800-1000 million standard cubic feet of gas, and these numbers may double with the progress of development operations."
    Regarding the sixth licensing round, which the Prime Minister noted today during his sponsorship of the signing ceremony of the fifth licensing round, Jihad explained, "The fifth round included 6 fields, and there are 5 other fields that the Ministry of Oil intends to hold a sixth licensing round for at a later time, in addition to the desire to expand to other sites." In the provinces of Anbar and Nineveh in the west of the country and also in central Iraq.
     
     
     


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    Added 2023/02/21 - 9:31 PM
    Updated 2023/02/21 - 11:30 PM
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