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On May 5, 2023, the Iraqi and Iranian Oil Ministry signed a memorandum of understanding to organize aspects of cooperation to invest in the joint oil fields located on the border between the two countries.
Since then, no developments have appeared on the scene related to the activation of the joint committees between the two countries that Oil Ministry officials spoke about, and according to representatives and experts, they confirmed that any delay in resolving the joint fields will expose Iraq to a waste of money in exchange for a serious move by the countries sharing these fields with Iraq to invest in them. And put it into service.
A member of the Parliamentary Oil and Gas Committee, Bassem Al-Gharibawi, confirmed in a press interview seen by “Taqaddam” that “the Iraqi government, since its announcement of the fifth licensing round and its activation, had included a move towards investing in joint oil fields with neighboring countries, which may indicate that it has received notification of the existence of negotiations.” And the understandings that prompted it to include these rights in its plan.”
He added, “Any delay in completing and investing in these border fields pushes the participating countries to move quickly to benefit from and invest in them,” pointing out that “the delay in Iraq not investing in the joint fields has cost Iraq great losses, given that the countries concerned have entered into real and serious investment toward benefiting.” Of which".
The committee member explained, “It is necessary for the Iraqi government to move towards investing in the joint fields because of their importance to the Iraqi economy,” noting that “the oil fields file cannot be under the category of courtesy or favoritism on the part of the Iraqi side of the countries involved in this file, because this The file is a national treasure that should be given priority, but unfortunately this file was not opened realistically or seriously by the Iraqi government.”
On the other hand, economic expert Bassem Jamil Antoine confirmed that Iraq is in great need of any other financial sources to strengthen the state treasury, indicating that investing in joint oil fields is one of the solutions of effective importance.
Antoine said in a press interview seen by “Taqaddam” that “the increasing volume of expenditures inside Iraq leads to the necessity of finding additional financial resources to cover them, and the file of investing in joint fields is one of the most prominent options, especially in light of the rise in global oil prices,” pointing out that “ “It is necessary for the Iraqi government to prepare plans to invest in these fields.”
Antoine added, “The file for resolving the investment of joint fields is a political file par excellence, requiring serious and successful negotiations through the formation of specialized technical and legal committees, to determine production shares, whether for Iraq or for those countries, especially since Iraq’s share will be the largest by virtue of the presence of most of it within the territorial borders of Iraq.” “.
It is worth noting that Iraq and Iran share 5 fields across the common border between the two countries, which is 1,458 kilometers long. These fields are “Majnoon,” “Abu Gharb,” “Bazargan,” “Al-Fakka,” and “Naft Khana.” According to official Iraqi estimates, their reserves amount to More than 95 billion barrels.
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