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Iraq is seeking to link the oil companies at a price of raw fees
Thursday 21-01-2016 | 6:12:04
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http://www.ara.shafaaq.com/51899
Thursday 21-01-2016 | 6:12:04
[You must be registered and logged in to see this image.]
EM
Twilight News Iraqi Oil Minister Adel Abdul-Mahdi / said on Thursday that Iraq is in talks with foreign oil companies to link the fees it receives in exchange for the development of fields in crude prices and the loaded part of the burden when markets fall.
Pressing current service agreements with the oil companies on Iraq's budget because the government pays a fixed fee to companies in exchange for increased production from aging fields at a time when revenues decline due to lower crude prices.
Iraq also bear the cost of infrastructure investments by companies.
The minister said in an interview reported by Reuters news agency and seen by Twilight News that separate talks were under way with companies to link the fees obtained by the price of oil, including raising the dues when conditions are good in the market and Iqlsa when they are not well.
He described the new model under negotiation with the companies sharing revenue ruling out the idea of production sharing.
He added that the talks also aim to costs incurred by the companies to pressure Iraq so as not to offset the decline in profits by increasing costs, such as hiring more staff abroad and to increase salaries and contracts awarded to sub-units.
Iraq is financed 95 percent of the general budget by oil exports. Iraq had entered into service agreements with companies such as CNPC, BP, Shell, Eni and Exxon Mobil and Lukoil.
http://www.ara.shafaaq.com/51899
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