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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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    Iraqi fields cling to the foreign and kick the local... 3 reasons that embarrass private companies i

    Rocky
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    Iraqi fields cling to the foreign and kick the local... 3 reasons that embarrass private companies i Empty Iraqi fields cling to the foreign and kick the local... 3 reasons that embarrass private companies i

    Post by Rocky Mon 13 May 2024, 5:02 am

    Iraqi fields cling to the foreign and kick the local... 3 reasons that embarrass private companies in the licensing race

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    Economy News - Baghdad
    [rtl]The Iraqi Ministry of Oil referred 12 oil and gas fields and blocks, within the fifth and sixth supplementary oil licensing rounds, to 8 Chinese companies and one Iraqi. This is the first time that European and American companies have submitted to bid for contracts to develop oil fields in the country. The first and second licensing rounds, and the third, most of which were referred. To international American and European companies such as ExxonMobil, BP, and others.[/rtl]
    [rtl]Specialists also criticized the referral of projects to Chinese companies, while Iraqi companies and national expertise have the ability to develop oil fields.[/rtl]
    [rtl]Oil expert, Salah Al-Moussawi, said in an interview with Al-Eqtisad News, “The Iraqi Constitution stipulates that oil and gas, within Article 111, are the right of the Iraqi people, and it is not permissible for any private companies, local or foreign, to participate,” indicating that “breaking this rule It means the end of Iraq, considering that this paragraph is what protected the country from dispersion, internal conflict, and external conflict.”[/rtl]
    [rtl]He points out, “The licensing rounds, especially the fifth, are considered a serious violation of the constitution, and will lead to the fragmentation of Iraq into 18 states, considering that each governorate is trying to control the oil file in order to steal as it wants, regardless of its ownership.”[/rtl]
    [rtl]The expert confirms that “the current round must be canceled because it is not in Iraq’s interest,” noting that “Iraq has no private oil companies because this field requires specialization and experience.”[/rtl]
    [rtl]Regarding the development of oil fields, Al-Moussawi points out, “The entities that develop the fields are not represented by oil companies, but rather by consultants, and this is an important point that must be known from all relevant parties, including government consultants.”[/rtl]
     
    [rtl]He explains that "oil companies obtain information from consulting companies, and this is what happened during licensing rounds during the era of Hussein al-Shahristani."[/rtl]
     
    [rtl]Al-Moussawi predicted, “Oil prices will fall after 10 years to their cost price, and Iraqi imports will decline to zero, which will even affect employees’ salaries. This is a fact that not all ministers and officials will accept.”[/rtl]
    [rtl]Regarding the establishment of the National Oil Company, Al-Moussawi considered, “The current pattern, without establishing an Iraqi oil company, is good and better than forming a single monopoly company that controls all the fields, given that there is a ministry that controls, and this is good.”[/rtl]
    [rtl]On the other hand, the Parliamentary Oil and Gas Committee revealed three reasons why Iraqi companies did not invest in the recent oil and gas licensing rounds, while confirming that the absence of “political consensus” prevented the legislation of the National Oil Company Law.[/rtl]
    [rtl]Committee member Bassem Al-Gharibawi said in an interview with Al-Iqtisad News, “The Iraqi state is trying to attract international companies to invest in the oil field, given that investment in this sector requires many things, including huge sums of money, in addition to specialized companies, And also high-tech issues.”[/rtl]
    [rtl]He adds, "These are the reasons behind the failure of Iraqi companies specialized in the oil and gas field to invest in the fifth and sixth complementary licensing rounds."[/rtl]
    [rtl]A member of the Parliamentary Oil Committee explains: “Until now, the Iraqi state cannot take over the oil fields that were invested, despite the passage of more than 15 years from the first licensing rounds.”[/rtl]
    [rtl]Al-Gharibawi confirms, “Some of the Iraqi companies are not qualified in the oil field, and others need to partner with other companies. Some companies have partnerships with Chinese and American companies,” reiterating his assertion that “investing in oil requires huge amounts of money, high experience, and advanced technology.”[/rtl]
    [rtl]Regarding the establishment of a national oil company, he explains, “The Federal Court canceled some of the articles present in the National Oil Company, and this requires legislation, which in turn depends on the political agreement, which is not available at the present time.”[/rtl]
     




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