Laibi calls for foreign companies to increase oil production and modify the terms of their contracts
Tuesday 23-08-2016
| 2:02:32
Twilight News Oil Minister ethnic Jabbar Allaibi / said on Tuesday that his 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, pointing to the need to amend contracts for companies operating in the country.

LaibiThis came in a meeting, chaired by Laibi departments with common oil fields within the licensing rounds decades, according to a ministry statement reported for Twilight News.

The minister 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 added: "We have seen 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 Fayyad good grace that "this meeting is part of the quest and the ministry's keenness to provide the ideal atmosphere for the work of international companies operating in Iraq despite economic and security challenges."

He pointed out that "these meetings lead to the establishment of a genuine partnership aims to develop a relationship and what is reflected on the development of oil fields 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."

The Iraqi Oil Minister Adel Abdul Mahdi, the former said in January that his country was in talks with foreign oil companies to link the fees it receives in exchange for the development of oil fields and share prices at the time burden falling markets.

Iraq and reap 95 percent of the general budget revenue from oil sales. Iraq and entered into service agreements with companies including CNPC, Shell, ENI and ExxonMobil and Lukoil get entitlements for additional quantities of oil produced from the fields.

The press concluded service agreements now with oil companies on Iraq's budget as the government pay for those companies a fixed fee for the increased production in the fields obsolete. Iraq Revenue fell with the drop in oil prices to less than half their level in 2014.