Oil Minister Italian company: a review of the licensing contracts to save the interests of Iraq

2016/9/7 15:31

[Where - Baghdad]

Search oil minister Jabbar and coffee, with the director of ENI Italian oil company Antonio Villa and his bilateral cooperation for the development of the oil industry in Iraq and review licensing contracts for the company and the delegation.

According to a ministry statement received by all of Iraq [where] a copy of the Laibi Italian company said director received during the meeting that "the oil ministry plan for the current year and next focused on the development of oil production and gas investment of small undeveloped fields in southern Iraq through according to the formulas service contracts the program ensures the interests of Iraq, "calling" to enter the company through investment sharing contracts in the field or in the rest of the projects that will direct them through the year 2017 ".

"The Oil Ministry is working to overcome all the obstacles and difficulties faced by oil companies operating in Iraq," adding that "the ministry will open a new page in the development of the oil sector," he said, to "create a suitable environment for continued progress for the development of this important economic sector."

The Minister of Oil, "the need to review contracts with companies contracts under the licensing round, in line with the changes in the price of oil, which was about $ 110 in 2010 to 2011 per barrel, reaching their lowest levels in 2015 and close to $ 20," stressing that "The purpose of the review is not to cancel contracts but rather to modify some of the items Lima preserves the interests of the country."

The statement noted that "the oil minister listened to some of the constraints faced by the company's work and promised to discuss them and address them so as to move forward and work constantly developed to serve this vital sector."

For his part, congratulated the director of ENI Italian oil company Antonio Villa Allaibi the assumption of his new post as oil minister and wished him success in the ministry management and development of the oil sector in the country. "