Oil Minister announces review of licensing rounds decades

08/29/2016
Iraqi Oil Minister Jabbar Luaibi announced a review of contracts with international oil companies operating in Iraq contracts within the licensing rounds in line with the changes in oil prices, noting that the purpose of the audit is not to cancel contracts but rather to modify some of the items.
And spins Aktar ado about previous licensing rounds concluded by the Oil Ministry, where observers believe it cost the country 's "large sums of money," is not equivalent to their revenues earned.
This came during a meeting with the prime minister and members of the citizen 's parliamentary bloc, and discussed with him ways to raise the profile of the oil sector in the country, Bhsbouapan to the ministry.
Allaibi said that the oil ministry has developed an ambitious plan which continues to be implemented for the advancement of the oil sector in Iraq by increasing oil and gas production rates and raise export capacity as well as expand the national reserves of oil and gas that leads to the result that takes Iraq 's influential status it deserves in the organization OPEC and international forums.
He expressed optimism about the future of oil and gas sector in Iraq in spite of the challenges faced by the country as a result of the financial crisis, pointing to the ministry 's ability to overcome obstacles and work on opening the door for investment in the oil and gas sector as reflected positively on the economy of Iraq.
He noted that the associated gas investment or free will have priority in the ministry 's plan will reflect positively on the general budget of the country by providing them with additional financial revenues.
He explained that the ministry has embarked on a review of contracts with international oil companies operating in Iraq contracts within the licensing rounds in line with the changes in oil prices, noting that the purpose of the audit is not to cancel contracts but rather to modify some of the items Lima preserves the interests of the country.
He said the next stage for all the oil and gas sector activities in Iraq will witness a great development and high leaps in the areas of open doors to local and foreign investments and through the channels of participation and the partial or total investment.

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