Oil Minister: review of licensing contracts and price fluctuation linked real returns
Oil Minister Adel Abdul Mahdi, the need to review licensing contracts, for the benefit of the Iraqi oil sector and companies.
Abdul-Mahdi said Wednesday, during a speech at the third Scientific Conference for the oil and gas Ministry Missan Oil "heard about the progress of these conferences supported the research process and discreet meetings with professional dimensions which biennial statistics have pointed to the continued progress of this work wemdatrd International Conference on oil and gas, organized by the Ministry of oil, and we hope that these studies bring the Ministry's efforts, the oil sector and national and international companies to provide such wealth occupy Iraq where prominent status as It is the second producer and exporter of OPEC, has been offering degrees in recent years in this area ".
He added that "today's advances in the oil and gas sector achievements and big, so we desperately need such conferences and research and in need of the minds of scientists and our shoulders to make this wealth of Iraq but the world depends on the basis that the Iraqi oil and gas reserves are very high reserves occupy Iraq third or even second if oil exploration was completed, ranking 11th and we believe will occupy fifth place on gas if completed explorations in This area also ", noting that" progress in Iraq is very important ".
He said what has been achieved since September 2014 to 2015, stating "in oil production and crude oil production in September 2014 just south of the oil port of the oil Ministry and therefore not included in these figures as Kurdistan", stating that "oil production in September 2014 was 3 [million 198 thousand barrels] became in September 2015 [756 3 million bpd]", adding that "high and increasing very important production of oil ", once again confirmed That "that's just what the oil companies North oil company Missan Oil and then the middle and South of producing oil ".
The "export rate increased from [2 million and 535 barrels in September 2014] to [and 3 million barrels in 2015], a large increase in exports from Iraq oil ".
He explained that "the rate of oil refined in 2014 [435 000 barrels], here we lost biggie, lost another in sharqat, strainers and modern Aude walksk, so Iraq's production of refined oil in 2013, more than the numbers was the limits of 639 [BPD in 2013] dropped to 435] BPD in 2014] and today we reiterate our refineries 469 thousand barrels were also in the Centre and South and North oil ".
Abdul Mahdi noted that "only when a waiver is imports, after a dip in oil prices was in September 2014 [6 billion and us $ 916 million] that month, as woefully in 2015 [3 billion and 700 million dollars]", adding that "this point is calculated for our companies and our Ministry despite financial shortages and falling oil prices, which led to a decline in investment and operational budgets achieved high numbers and that previously mentioned".
And increased "there are other numbers in the great effort made by oil companies operating in the Ministry of electric power-processing of liquid gas, gas oil and crude oil, all these things are actually processed by the Ministry and oil companies and also because of the financial crisis does not receive them also return this to the great effort made in this area".
He stressed "achieved important steps in all places of work including on Halfaya, which was a few years ago, the desert, and now the big green oasis thanks to the efforts of the Maysan oil company Inc. btroshaina which extend to thank contributing to host this Conference".
However, oil Minister that "we have some observations about the process of oil and gas, the gas we stop burning gas during a short period may not exceed two years from now, we run an important stop burning huge quantities of gas", stating that "half of the gas is still burning but today covering the other half", hoping that by "reaching a stop gas flaring", explaining that "with respect to liquid gas, Iraq practically no import only Very small amounts of liquid gas, and hope that the final stop on the importation of any quantity thereof, and may switch at short notice to exporters ".
He said that oil "if not for the benefit of society and the economy is not good, we will continue to develop oil resources and events we are seeing oil in turn increasing unemployment and the decline of the agricultural and industrial sector and the commercial and service sector, meaning that there is something wrong with a great guide considers the great resources that accrue to the State of this sector mainly in the lives of our people, therefore we must we must we raise this wealth all economic operators in the country to be a midwife and a catalyst for a Renaissance in the country, at universities and scientific institutes and Be supplementing SOA activities, industrial, petrochemical and other industries that depend upon the country, must be relied upon to rid ourselves of this encumbrance which subject ourselves, so oil is real accounts for at least 70% of the GDP, and more than 90% of the State budget and this great khlala requires treatment ".
These conferences to be called "notes this point linking the development of the oil sector professionally and scientifically and exploratory and artistically, and between the evolution of Iraqi society and the citizen and the poor and disadvantaged in the country of such wealth, large numbers pass wellis just before the eyes of the Iraqi people but not being pursued by the fact in the development of the daily life and the services rendered to him".
He said "we have entered into discussions with the corporate world, and I think that after years of licensing contracts yet to be audited, reviewed the matter some time ago, and today we are in a new review with full respect for these contracts but we believe the interest of the Iraqi oil Ministry and companies on the one hand, and the interests of global corporations also must reconsider many of these issues".
He went on to "our vision we must generate more incentives for parties to operate global businesses it possesses enough incentives to progress and work with companies providing incentives to rush in and be the link between the fluctuation of oil prices and the real yield is up to the parties, the prices benefited from the national party on the one hand and the party of global companies on the other hand, the prices dropped this decline burdens borne by the parties", adding that "this side of the equation must follow".
He explained that "the other side needed to work together to reduce oil costs or operational expenditure and investment to allow the parties to identify mutual benefits, not the process to calculate the tip on another but to calculate the parties, so as to enhance long-term relationship between these parties together".
Abdul-Mahdi announced on "the determination of his Ministry to engage Iraqi national effort in all actions relating to the wealth of oil and gas, drilling and exploration equipment and projects", stressing that "all national effort we will give him more importance than I and have great opportunities", stating that "this factor helps to reduce costs and maximize resources and enhanced, by providing additional employment and benefits and profits to national companies and thus also on the State Treasury through taxes and other levies, national effort must return to full strength formula and its intensity and experience Professional, scientific, and historical to occupy it who can really save a lot of effort and money you spend today and go abroad ".
Abdul-Mahdi went to thank "the armed forces and the popular crowd, and all parties stood to face the fighting fronts, the forces of evil and the Atonement"