Home
Dues oil companies develop licensing contracts at stake
11.03.2015
Amid the sharp decline in oil prices in the global market, the Oil Ministry announced that Iraq owes twenty billion US dollars of oil companies operating in the country.
He said Oil Minister Adel Abdul Mahdi, in a press conference Sunday that Iraq paid for those companies in 2014, some financial dues in 2013, and added that some of the benefits in 2014 was deported to 2015, as well as benefits in 2015, pointing out that all of these benefits make up huge amounts billions.
Adel Abdul MahdiAdel Abdul Mahdi
The minister stressed that the money should be provided from two sources, one of them the Ministry's budget, amounting to about $ 12 billion, and the second demand the right of the Ministry of the Prime Minister and Finance Minister, "the launch of treasury bonds worth 12 billion dollars."
It is said that major oil companies are working on the extraction of oil from Iraqi fields, especially in the south, including the "Total" French and "Shell" Dutch "and" BP "British and" ExxonMobil "American, which announced Thursday it is discussing with the Iraqi government is currently the possibility of re-drafting of the oil agreements signed with international companies.
He said the company's CEO Rex Tillerson said in a press conference in New York, said that it could help Iraq to meet the financial needs in the short term, pointing out that the Iraqi side asked the company to conduct these discussions.
Tillerson added that any change to the agreements would be in favor of the company which is the investor's President for the rehabilitation of the West Qurna giant oil field, when Iraq Showing oil fields during the first and second development licensing round by international companies to reach a production of at least six million barrels per day , by 2017.
He says a member of the Finance Committee in the House of Representatives Jabbar Sharif that a joint meeting held by the Committee with the oil and energy parliamentary to discuss the steps that should be taken to address these dues, which he said it's up to $ 32 billion, noting in an interview with Radio Free Iraq to the existence of negotiating options with companies starting from claim to bear the loss with Iraq caused by the collapse of oil prices, ending transfer contracts with the partnership contracts rather than service contracts.
It is reported to the Commission on oil and energy parliamentary member Razak Mheibes that the committee is considering to enter a dialogue with the oil companies to explore the possibility of amendments to the licensing contracts, pointing out that the Commission painted a road map for the implementation of this endeavor by meeting with representatives of the Iraqi government and the companies.
For his part, confirms the Prime Minister for Economic Affairs Advisor to the appearance of Mohammed Saleh, said that the Iraqi government supports the amendment of contracts formula due to the need of the country to the advanced technology offered by international companies, according to the principle of negotiating with them to achieve the interests of both parties, noting that these companies have strategic interests in Iraq.
However, the economic expert Abdul Rahman al-Mashhadani said the international oil companies did not comply with the implementation of the contents of the contracts signed with the Ministry of Oil, which refers to achieve oil production up to five million barrels per day in 2015, believing that the fears associated with the landing price of a barrel of oil to the without the cost price extracted is justified, in addition to those that cost is the lowest in the region.
With the announcement of the Ministry of Oil, on Tuesday, the agreement with the Central Bank of Iraq to launch treasury bonds worth $ 12 billion to pay dues to foreign companies contracting and working in the oil fields, sees economic expert Hilal Taan that the two possibilities will be in front of the Iraqi government to negotiate with international oil companies table , centered on the possibility of the first companies carry part of the loss caused by the decline in oil prices, or to preserve the interests of Iraq's economic companies to pay dues by those bonds.
But oil expert Abbas Ghalibi expresses his belief that these contracts will collapse, if it continues in the same format and items, and says that the reality of the situation indicates that the solutions used by the Iraqi government described as "prosthesis", because global companies can not continue without achieving margin of profit convincing for her.
Contributed to this Radio Free Iraq correspondent in Baghdad report Rami Ahmed.
[You must be registered and logged in to see this link.]
11.03.2015
Amid the sharp decline in oil prices in the global market, the Oil Ministry announced that Iraq owes twenty billion US dollars of oil companies operating in the country.
He said Oil Minister Adel Abdul Mahdi, in a press conference Sunday that Iraq paid for those companies in 2014, some financial dues in 2013, and added that some of the benefits in 2014 was deported to 2015, as well as benefits in 2015, pointing out that all of these benefits make up huge amounts billions.
Adel Abdul MahdiAdel Abdul Mahdi
The minister stressed that the money should be provided from two sources, one of them the Ministry's budget, amounting to about $ 12 billion, and the second demand the right of the Ministry of the Prime Minister and Finance Minister, "the launch of treasury bonds worth 12 billion dollars."
It is said that major oil companies are working on the extraction of oil from Iraqi fields, especially in the south, including the "Total" French and "Shell" Dutch "and" BP "British and" ExxonMobil "American, which announced Thursday it is discussing with the Iraqi government is currently the possibility of re-drafting of the oil agreements signed with international companies.
He said the company's CEO Rex Tillerson said in a press conference in New York, said that it could help Iraq to meet the financial needs in the short term, pointing out that the Iraqi side asked the company to conduct these discussions.
Tillerson added that any change to the agreements would be in favor of the company which is the investor's President for the rehabilitation of the West Qurna giant oil field, when Iraq Showing oil fields during the first and second development licensing round by international companies to reach a production of at least six million barrels per day , by 2017.
He says a member of the Finance Committee in the House of Representatives Jabbar Sharif that a joint meeting held by the Committee with the oil and energy parliamentary to discuss the steps that should be taken to address these dues, which he said it's up to $ 32 billion, noting in an interview with Radio Free Iraq to the existence of negotiating options with companies starting from claim to bear the loss with Iraq caused by the collapse of oil prices, ending transfer contracts with the partnership contracts rather than service contracts.
It is reported to the Commission on oil and energy parliamentary member Razak Mheibes that the committee is considering to enter a dialogue with the oil companies to explore the possibility of amendments to the licensing contracts, pointing out that the Commission painted a road map for the implementation of this endeavor by meeting with representatives of the Iraqi government and the companies.
For his part, confirms the Prime Minister for Economic Affairs Advisor to the appearance of Mohammed Saleh, said that the Iraqi government supports the amendment of contracts formula due to the need of the country to the advanced technology offered by international companies, according to the principle of negotiating with them to achieve the interests of both parties, noting that these companies have strategic interests in Iraq.
However, the economic expert Abdul Rahman al-Mashhadani said the international oil companies did not comply with the implementation of the contents of the contracts signed with the Ministry of Oil, which refers to achieve oil production up to five million barrels per day in 2015, believing that the fears associated with the landing price of a barrel of oil to the without the cost price extracted is justified, in addition to those that cost is the lowest in the region.
With the announcement of the Ministry of Oil, on Tuesday, the agreement with the Central Bank of Iraq to launch treasury bonds worth $ 12 billion to pay dues to foreign companies contracting and working in the oil fields, sees economic expert Hilal Taan that the two possibilities will be in front of the Iraqi government to negotiate with international oil companies table , centered on the possibility of the first companies carry part of the loss caused by the decline in oil prices, or to preserve the interests of Iraq's economic companies to pay dues by those bonds.
But oil expert Abbas Ghalibi expresses his belief that these contracts will collapse, if it continues in the same format and items, and says that the reality of the situation indicates that the solutions used by the Iraqi government described as "prosthesis", because global companies can not continue without achieving margin of profit convincing for her.
Contributed to this Radio Free Iraq correspondent in Baghdad report Rami Ahmed.
[You must be registered and logged in to see this link.]
