Call for approval of the Federal Council for Oil and Gas 10/11/2015
Call for approval of the Federal Council for Oil and Gas
BAGHDAD - Imad emirate
called economic academic d. Rahim Hassouni to develop (the Federal Council for Oil and Gas) for his contribution in the development of Iraqi oil policy and determine the organizational structure of the administration of that policy, indicating the importance that consists of leaders of the oil sector in the departments of the Ministry and the extractive companies and experts relevant government agencies and a representative of the Kurdistan region and the provinces.
He said Hassouni in interview »morning» that the duties determined in the strategic framework of the oil policy through short-term, medium and long plans, especially with regard to the activity extractive and field development and investment policies, supervision and control and follow-up on the work of foreign oil companies in Iraq, and the granting of licenses for exploration, drilling and construction of refineries and representation policy Iraq's foreign in regional and international organizations and relations bilateral. Said Hassouni that need require re-establishment of the Iraqi National Oil Company, new foundations keep pace with the international and domestic developments and be a company (holding) enjoys financial and administrative independence and in accordance with the systems flexible working allows decision-making in accordance with the oil policy of being the executive arm of the Council and that have branches in the areas of Company extractive and financing It is the central authority responsible for the implementation of oil policy, including the implementation of exploration, development and management of oil and gas fields and to participate with foreign oil companies in the development and exploration programs and production. He stressed that the oil policy should be based on a set of constants.
He pointed out that any policy must be consistent with the interests of the people and full sovereignty over its natural resources and aims to preserve the independence of the decision-oil without outside and keep the oil reserves interventions for as long as possible and try to extend the life of the resource depleted for the benefit of future generations with the trend towards investment in the oil manufacturing industries to take advantage of the added value of the project.
He called Hassouni also to open the way for oil companies to invest in the oil industry and not inconsistent with the constants, explaining that the oil policy is determined by short-term duration and extends for a period of 4 years and be production capacity limits (5 - 5,5 m) b / d while exports are b (4,900 to 4,400 m) b / d .msheera that it depends on the mobilization of all human and financial resources in accordance with the policy of committed and fair able to reconstruction and construction and the fulfillment of international obligations government budget, which requires the expansion of production capacities for the oil and gas sector in accordance with specific policy to develop the fields and rehabilitation and expansion of operations research and prospecting and exploration, as well as providing administrative structure and rich and modern for it.
He pointed out that it will contribute to maximize oil revenues to reach (178,850 - 160,600) billion annually dollars if we assume that the price of crude oil does not exceed 100 dollars per barrel during those Madh.utaba Hassouni that the implementation of this policy depends on the expertise and funds international oil companies operating in Iraq through licensing rounds service contracts in addition to the national effort, and continued either term long-term it starts from the end of the previous period and up to the year 2030 with an estimated production capacity of crude oil up to (8-9) mb / d, while exports are estimated at (7,2 -8,2) after excluding estimated for self-consumption (800 ) thousand b / d, after it was in the previous period (600) thousand b / d because of population growth and the expansion of services and increase the standard of living of the citizens with the active participation of foreign oil companies.
He concluded by saying this period is characterized by sustained high crude oil prices due to the growth of the global economy . Particularly in East Asian countries, albeit slowly because of increased efforts to protect the environment and the search for cheap and efficient, adequate and stable use of alternative energy sources. And a shift toward natural gas as an energy source, particularly as a fuel for electric power generation and this path is increasing over time due to the cleanliness and high efficiency compared to oil.