Government Basra announce the approval of the Ministry of Oil to allow the province to invest two fields

Dated: 03/09/2016 Wednesday 7:20

Follow-up / Iraq today
The local government announced in Basra, the Ministry of Oil has agreed for the first time to allow the province to invest oil fields, provided the allocation of oil produced revenue for ages conservative, while the oil and gas committee in the provincial council predicted that the production of the two fields is at the limits of 500 thousand barrels per day.
The governor said Majed Nasraoui during a press conference held at the Office of the province, said that "the local government received preliminary approval from the Ministry of Oil to allow the province to invest two oilfields two rivers Omar and Brick, and soon will hold a meeting in Basra to deal once and for all the details of the subject," noting that " fields revenues will be and put them into a dedicated fund for ages Basra, bringing the local government will be able to fund strategic projects aimed at reconstruction and development of the province, ".ofatt Nasraoui that" the ministry also agreed to allow the province of Dhi Qar investment of one of its oil fields in the same way, in addition to field in Maysan province, "adding that" it is unlikely to become involved four fields in a single box which placed those fields revenues, and then spent on projects for ages three provinces. "for his part, head of the oil and gas committee in the provincial council Ali Shaddad Knight said during the conference" the local government has moved in two directions to address the financial crisis facing Basra, has moved to persuade the federal government to give the province its share of crude oil by 5%, but did not get approvals for the proposed because it needs to be legislation, "adding that" the second proposal was welcomed by the Ministry of oil, He is serving to allow the province to invest oil fields not covered by the rounds of licenses, has received preliminary approvals for the project, which bears the name of (oil-for-age). "He pointed jockey that" the fields of brick and rivers Omar who signed up by the choice to monetize your by the province is expected to reach their output to 500 thousand barrels per day in the future, "adding that" the oil companies will take over the development of the two fields, and the local government in Basra scheduled to be a party to the contract with those companies. "