Parl. Energy supports the amendment "licensing rounds" & suggest the possibility of ~

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Parliamentary Energy supports the amendment "licensing rounds" and suggest the possibility of an agreement with international companies on them



01/23/2016 (00:01 pm)

Baghdad / Zahraa Hamid

The Commission on Energy parliamentary support for the talks under way between the oil ministry and international companies operating in Iraq to modify the terms of the licensing rounds, as a result of the continued decline of global prices, indicating that there are demands for Iraq and other companies and they can agree to "mutual benefit."

Said Chairman of the Committee, the Ares Abdullah, in talk to the (long-Presse), "The point of a regulatory Committee encourages the oil ministry to reconsider contracts with international companies operating in Iraq, especially the latter in turn need to modify some of the terms of those contracts," noting that "discussions in that regard sandwiched between the Ministry of Oil and international companies, which will be modified contracts after negotiations.

"Abdullah added, to" re-examine those contracts were the result of the continued decline in oil prices, because the ministry had signed when it was good, "noting that" international companies operating in Iraq may not increase its production capacity to the limit Agreed.

"He explained the Chairman of the parliamentary energy, that" international companies did not require the extension of their contracts fifty years to come, according to the Commission's information, "pointing out that there is" the demands of Iraq and other global companies and they can agree in the end to achieve their mutual interest.

"He was a member of the Committee on Oil Parliamentary and energy, Mazen Mazini, said in an interview to the (long-Presse), Tuesday, (the 19th of January the current 2016), the oil companies want to extend their contracts with Iraq from 25 to 50 years, as a condition to re-examine contracts licensing rounds, noting that those certified contracts from the United Nations and that any attempt to revise them will lead to the loss of Iraq.

The Ministry of Oil, usually confirmed on Wednesday, on the continuation of its consultation "Pacific" with international companies operating in Iraq to amend the contracts concluded with them and reduce field development costs, that "random statements" which launched by some quarters against the ministry "do not serve" the country and give the "wrong messages" to investors.

And on the talks between the oil ministry and international companies operating in Iraq, said Chairman of the Committee on Energy parliamentary, Ares Abdullah, that "the Commission does not have details on those discussions," adding " However, the Commission supports the government to deal with those companies to modify some of the terms of contracts signed with them. "

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