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Plans to attract investors and develop the oil sector
Iraq 10/17/2023
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Baghdad: Rula Wathiq
The Petroleum Contracts and Licensing Department at the Ministry of Oil intends to develop plans in cooperation with extractive companies and operators of licensing round contracts with the aim of developing the oil sector and attracting investors.
The Assistant Director General of the Department, Muhammad Najm, said in an interview with “Al-Sabah”: “The Department was entrusted with supporting the country’s economic progress in terms of preparing and qualifying for the petroleum licensing rounds, and implementing them in accordance with the highest international work standards approved in granting licenses to international petroleum companies, and preparing, signing and activating them.” Service contracts, which clearly contributed to increasing the production of oil fields, production from other new fields, maximizing state resources, and qualifying a large number of young people who have become comparable to foreign cadres working in contracts for licensing rounds of experience.
“Efficiency and ability.”
Najm stated, “The department is currently working, with the participation of the Exploration Company and the Department of Reservoirs and Field Development, to complete the fifth complementary and sixth exploratory licensing rounds, which are promising exploration blocks, distributed across most of the governorates, which will work to create job opportunities for the people of the governorates and develop infrastructure.”
He added that “the contracts for the two rounds will be developmental and attractive to investors, to preserve the economic interests of the country and the investor,” noting that “the department invited international companies to participate in the competition and contribute to the development of the oil sector, by participating in the next round,” pointing out that “many companies International Petroleum Corporation expressed its desire to participate, in addition to the desire of national companies to participate and contribute to the development of this sector.”
The Assistant Director General of the Department explained, “The Department is working to qualify the advanced companies according to criteria set for this purpose in terms of financial, legal and technical aspects, noting that the Ministry is moving towards globalism in developing and strengthening the country’s economy through energy and clean energy projects through gas investment to the maximum extent to reach Zero emission degree, by preparing programs for planning, constructing and developing infrastructure, such as establishing schools, supplying hospitals and training centers, rehabilitating and supporting roads, bridges and buildings for people with special needs, in addition to sending students to study and development fellowships, and transferring the experiences of those countries to Iraq as one of the main determinants of the decade. Which refers to technology transfer.
Edited by: Wael Al-Maluk
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