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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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    Licensing contracts prevent the reduction of Iraq's oil production in response to calls from OPEC

    Rocky
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    Licensing contracts prevent the reduction of Iraq's oil production in response to calls from OPEC Empty Licensing contracts prevent the reduction of Iraq's oil production in response to calls from OPEC

    Post by Rocky Sun 27 Nov 2016, 1:41 am

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    Licensing contracts prevent the reduction of Iraq's oil production in response to calls from OPEC


     Baghdad / Zahraa Hamid -mady 

    The Commission on oil and parliamentary power, on Saturday, members of theOrganization of Petroleum Exporting Countries (OPEC), to the "failure to extend the " Iraq cut production, attributed it to being fighting terrorism and suffering from a severe financial crisis due to falling prices and the "high cost" to its contracts with companies the world working in the fields, and in the process had to freeze production tocompensate foreign oil companies and change the terms of its contracts with the Iraqi government, theprocess of freezing production at certain limits described within the OPEC agreement as " a financial blow to the country." 


    The head of the committee, Ares Abdullah, in an interview to the (long - Presse), said that "members of the(OPEC) should take into account the conditions in Iraq calling for production cuts , " attributing it to " thefinancial crisis experienced by Iraq and waging war against terrorism." 
    Abdullah added that "Iraq has not reached the ceiling of oil production rate during the past years , " calling onother oil -producing countries to " taking into account the circumstances of this aspect and the failure toinclude the reduction of oil production during the current stage." 
    The Chairman of the Commission on oil and parliamentary power, that "Iraq is also suffering from the issue ofits contracts with the operating companies , which have become a major burden on the government and thenational economy after the decline in oil prices," noting that " the process it needs to be an agreement and negotiations interests of both parties take into account whether the Iraqi Oil Ministry or companies Contracting. " 
    Abdullah said, that " the Commission in constant contact with the Ministry of oil and there is a match theviews of the parties on the possibility of amending contracts with international companies operating in Iraq , " adding , "but the executive area of responsibility of the Ministry of Oil , which is doing its best with thecompanies for some time to adjust contracts especially after the decline in oil prices, which should be taken into account by the OPEC countries. " 
    The head of the National Alliance, Ammar al - Hakim, has called on OPEC, in (25 October 2016), during ameeting with Secretary General Mohammed Sanusi Barkindo, in Baghdad, Iraq excluded from any agreement to cut production because he needs "urgent" as fighting terrorism " on behalf" for the world, calling on theorganization to adopt a policy of "win-win" in support prices and maintain its share of the global market, while Barkindo expressed "support" the Iraqi request. 
    He also stressed the Minister of Oil, Jabbar Ali Hussein Allaibi, during a meeting with Secretary General of OPEC, to support Iraq to the convergence of views between producers inside and outside the organization, and the search for the best ways to stabilize the global market, while Barkindo count that Iraq plays a "good role" in the stability of the market oil. 
    In the same context , government officials, students OPEC , excluding Iraq , to reduce oil production , which had to compensate the oil companies operating in the country and change the terms of the oil contracts with the Iraqi government 's plan. 
    The Reuters agency in a report seen by the "long", " The chances of Iraq 's accession to invite OPEC tofreeze production rates to boost oil prices will be weak and difficult to achieve because of Iraq based onindustrial sources of oil and documentation oil contracts seen by the agency." 
    Reuters showed that "on Iraq to compensate for international oil companies in exchange for the losses incurred if adherence to the limits of production, which in turn will lead to a decline in imports and the rate of one dollar fee for each barrel." 
    On the other hand it indicated a source from the South Oil Company to "exclude get this thing because Iraq now encourages companies to increase production rather than restrained." 
    In turn , a government official close to Prime Minister Haider al - Abadi said that "the OPEC said that comply with the fact that Iraq should be excluded from any reduction production process because the country is going through an acute situation of the war being waged against Daesh and he needed any dollars to thesustainability of standing on its own feet." 
    The agency indicated that it "if Iraq acquiesces to calls for OPEC to freeze the production rates, according to the terms of the compensation provided for in the contracts with the companies, will be a financial blow to thecountry , shedding more oil sales needed by the returns." 
    The Agency pointed out that " the agreed terms of technical service contracts between international oil companies and state -run South Oil Company states that Iraq let loose a flat fee of $ one company for every barrel of oil produced from the field." 
    The agency stressed that "according to the text of the contract signed with BP Company Terms For example, it if requested by the other end of the company 's adherence to a certain up of production, the parties must agree then on a mechanism whereby the company financial losses to be compensated immediately or as soon as possible, and it may include such compensation , among other things, modify the field production dates or extend the duration of the contract or pay all the money lost by the company or part of it. " 
    According to industrial sources of oil, these conditions are also provided in other companies signed contracts with Iraq , including Dutch Dutch Shell and Exxon Mobil US and Italy's Eni. 
    The Organization of the oil - producing countries , OPEC agreed at its meeting in Algeria last September, to determine the total output ceiling at 32.5 to 33 million barrels per day, while the production of the organization arrived in the month of October to 33.64 million barrels per day.
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