Licenses are good but .. and there is no oil on Iraq's debt

2015 16 12
Oil Minister Adel Abdul-Mahdi,

Under the patronage of the President of the House of Representatives and an invitation to the Commission on the parliamentary power and the presence of the rest of the committee was held in the House of Representatives on June 13 seminar on licenses and their advantages and disadvantages and results of decades .. and about commissioned the production of the barrel, and debts, and actually come back to Iraq and a series of issues at stake today strongly in the arena, which marred by high uncertainty, there's so much wrong and misleading information, which is necessary factual.

Been denied the accumulation of any debts on Iraq because of oil, some people confuse it with dues companies of petroleum and profitability of the costs, which are paid after the end of each chapter after the end of settling accounts between the ministry and companies .. there is no debt, but costs and expenses are accounted already paid later by what is going on normally with each another contract. Indeed, 9 gone billion at the end of 2014 represents the third quarter and the fourth for the year, to be repaid in 2015 .. which was actually, in addition to pay 2015 dues and because we are at the end of the year will pay the remainder of the third quarter, in addition for the fourth quarter of 2015 which will provide in its consolidated first quarter 2016 .. These amounts due or be due until the end of the year does not exceed $ 5 billion.

The production and the benefits and rewards companies cost the government Vnfdil delivered over some figures put forward by the study, Mr. Abdul-Mahdi al-Amidi, director general of contracts and licenses under the title "financial accounts of the companies for the period 2011-2015", in which most of the required information. And that accurate figures by 98% due to the write-off of some marginal figures not to complicate things on the reader, as well as some partial because of the different accounts.

1. The total production from the fields = 4,669,898,152 billion barrels

2. production base = 2,348,437,726 billion barrels (production before tours calculated including falling production 5% per year)

3. The increase in production (above production basis) = 2,321,460,426 billion barrels

4. Financial revenues total production = 395,549,902,281 billion dollars

5. paid to companies (petroleum and additional costs) = 46,039,214,618 billion dollars

6. profitability of contracting companies = 2,257,271,507 billion dollars

7. Tax paid to the Treasury = 1,213,567,268 billion dollars

8. Gross Net financial return for the State = 348,356,488,855 billion dollars

Good Valacod generally when seen over the years, like any other investments, and natural prices of oil .. and that all installations and wells and oil reserves are the property of Iraq when these contracts expire .. and it may seem expensive when calculated over the days and months, especially when oil prices decline. Although the contracts have launched a revival in the oil sector in terms of quantities and resources and in the future, but it also revealed some of the economic and structural and procedural gaps in the patterns of work that must be cooperation with the House of Representatives, ministries and companies to correct their tracks.

Adel Abdul Mahdi,