Oil: a review of contracts with international companies does not mean cancellation but will see great development and high jump

08/29/2016
Network Iraqi position
The Minister of Oil Jabar Luaibi, Monday, to review contracts with international companies does not mean the cancellation, but modified, adding that the ministry has developed its implementation plan for the advancement of the oil sector in Iraq. Allaibi said that "the ministry has initiated a review of contracts with oil companies operating in Iraq contracts within the oil licensing rounds in line with the changes in oil prices," he said, adding that "the purpose of the audit is not to cancel contracts, but also to modify some of the items in order to preserve the interests of the country." .
He Allaibi, that "the oil sector and the invader will see in the next phase of great development and high jump in the field of opening up the doors to local and foreign investments and through the channels involved micro and macro and investment."
And that "the ministry has developed an ambitious plan which continues to be implemented for the advancement of the oil sector in Iraq by increasing oil and gaseous production rates and raise export capacity, as well as to expand the national reserves of oil and gas that leads to the result that Iraq takes the influential position it deserves in the OPEC and international forums. " And it sought the oil ministry to modify some of the items in the contracts signed by Iraq with major oil companies to develop the oil sector in line with the decline in global oil prices, which amounted to less than $ 30 per barrel in January 2016. The oil minister Jabbar Allaibi in, (27 August 2016), the balance between supply and demand in the oil market and that Iraq is playing an active role in supporting the operations of the oil prices, stressing his support for the policy of OPEC and strengthened.

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