Iraq looking modifying its contracts with international oil companies to increase production

2016/8/23 15:00

[Where - Baghdad]

Oil Minister Jabbar Luaibi said the ministry supports the work of the international oil companies operating in Iraq in order to improve the rates of production and export of crude oil and gas.

According to a ministry statement received by all of Iraq [where] a copy of the "Oil Minister Jabbar Allaibi Terrace Tuesday meeting of the joint departments of oil fields within the licensing rounds decades."

He pointed out that "the meeting is to open a new page of cooperation with international oil companies operating in Iraq, as well as improving and modifying certain paragraphs of the oil contracts signed with them in order to increase production and investment optimization for gas."

He said the oil minister, "Tell us some of the problems or challenges faced by foreign oil companies, and we will overcome them in order to promote employment and increase production of oil and gas in order to maximize national revenue.

For his part, Undersecretary older Fayad Hassan blessing that this meeting comes within the pursuit of the ministry's keenness to provide the ideal atmosphere for the work of international companies operating in Iraq despite economic and security challenges, stressing that these meetings lead to the establishment of a genuine partnership aims to develop a relationship and what is reflected on the field development oil and increase production, as well as the best investment for the gas and cover the local need for both the electric power sector, or other industrial and service sectors. "