Parliamentary oil: oil licensing contract modification includes "Share of profit and loss"

Our economy / Baghdad - It accused the Commission on oil and energy parliamentary and former oil ministry officials short-sighted with respect to oil licensing rounds and contracts with the oil companies involved, revealing expectations that include modifications carried out by the Ministry of Oil is now on those contracts involved a "profit and loss."

He said the Commission on oil and energy parliamentary member Aziz Ugaili said in a statement seen by the agency of our economy news that former officials in the oil ministry, did not think the changes that can occur to world oil prices, when they signed licensing rounds decades, pointing out that they only think about profit is possible to achieve a timely manner.

He Ugaili, that Iraq pay for that minor thinking after falling oil prices and has become the loss of its share of the unit, returned to the current oil minister, Adel Abdul-Mahdi, working to modify some of the terms of licensing contracts by mutual consent, without that it means canceled.

He predicted a member of the Commission on oil and energy parliamentary, heading Amendment to participate loss and profit as is the case in the Kurdistan region, ruling that the oil companies concerned rejects amendment licensing contracts, attributing the cause to Rsantha and its commitment to non-Iraqi market loss, or lack of access to any investment opportunity a new future.