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Industry experts claim Baghdad to adjust the contracts of foreign companies
29-03-2015 04:00 PM
At a time when Iraq is trying to increase its oil production agreement with foreign oil companies operating in the fields to more than three million barrels per day to cover the deficit in the 2015 budget, some companies refused to develop its work to increase the production of non-payment of dues, Industry experts see the need to amend some items signed with foreign companies in order to keep pace with the circumstance experienced by Iraq of the low price of oil and the control of the organization Daash on a number of oil fields after 10 June.
and threatened Russia's LUKOIL to reduce its investment in Iraq in the event of rejection of access to more oil for its work in the West Qurna project 2 Because of the difficulty of obtaining financial entitlements.
and suggested oil companies cut spending on development work in Iraq after being informed Baghdad that the decline in oil prices and the war on al Daash increase the difficulty of payment.
Dion
acknowledged oil minister, Adel Abdul-Mahdi, the beginning of this month, the indebtedness of Iraq for oil companies working more than twenty billion dollars, noting that Iraq fired last year some of the entitlements of the oil companies in return for what has been achieved from production in the year 2013, and then deported dues last year to 2015, which are added to the current year dues.
and approximately the value of payments to foreign companies $ 18 billion In 2015, under the current service contracts.
Previously, Iraq to last year signed contracts modified with BP firms British, Italian Eni and Russia's Lukoil, provides for the reduction of the targeted production levels and also to reduce the share of the government in Baghdad from 25% to 5%.
modifying contracts
and see a member of the Commission on oil and energy parliamentary, Kaveh Mohammad, the need for serious negotiations between the Ministry of Oil and foreign oil companies to modify some of the terms of contracts with these companies, because of existing contracts formula and what Iraq is going through does not fit with the current situation, and therefore the government is unable to pay dues oil companies.
Mohammed indicated that 'there is an intention of the government to extend the contracts with foreign oil companies, and this may give assurances to these companies in order to continue its work and to increase the production capacity of the fields commensurate with the plan set for them. "
For his part, reduced oil expert, Hamza Jeweler , threats of oil companies operating in Iraq to reduce its investments for its commitment to contracts signed with the government, stressing Iraq's ability to pay his dues as it is so far not been affected by the financial deficit in the budget year 2015.
He said 'that Iraq will pay the dues of the oil companies, amounting to about twenty billion dollars through allotted in the budget and bond issuance amount ', pointing out that Iraq continuously with his plan to increase oil production to more than three million barrels of oil a day this year.
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and warned economist nice Ugaili of continued weakness in oil production because of the status of foreign oil companies is stable, the oil crisis between Baghdad and Erbil, which has not been resolved once and for all, and the control of the organization Daash on a number of oil fields.
He acknowledged Ugaili collapse of a lot of Iraqi politics, including oil after the control of the organization Daash on areas where oil wells there, and the problems between the region and the center, noting that the right Foreign companies can claim the largest quotas in order to be balanced with the losses.
But he believes that foreign companies were not successful in the development of oil fields and merely the extraction of oil.
It is the most prominent foreign oil companies operating in Iraq fields - particularly South Mnha- Total, the French, British and Shell Dutch, British lobby me, and Exxon Mobil.
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29-03-2015 04:00 PM
At a time when Iraq is trying to increase its oil production agreement with foreign oil companies operating in the fields to more than three million barrels per day to cover the deficit in the 2015 budget, some companies refused to develop its work to increase the production of non-payment of dues, Industry experts see the need to amend some items signed with foreign companies in order to keep pace with the circumstance experienced by Iraq of the low price of oil and the control of the organization Daash on a number of oil fields after 10 June.
and threatened Russia's LUKOIL to reduce its investment in Iraq in the event of rejection of access to more oil for its work in the West Qurna project 2 Because of the difficulty of obtaining financial entitlements.
and suggested oil companies cut spending on development work in Iraq after being informed Baghdad that the decline in oil prices and the war on al Daash increase the difficulty of payment.
Dion
acknowledged oil minister, Adel Abdul-Mahdi, the beginning of this month, the indebtedness of Iraq for oil companies working more than twenty billion dollars, noting that Iraq fired last year some of the entitlements of the oil companies in return for what has been achieved from production in the year 2013, and then deported dues last year to 2015, which are added to the current year dues.
and approximately the value of payments to foreign companies $ 18 billion In 2015, under the current service contracts.
Previously, Iraq to last year signed contracts modified with BP firms British, Italian Eni and Russia's Lukoil, provides for the reduction of the targeted production levels and also to reduce the share of the government in Baghdad from 25% to 5%.
modifying contracts
and see a member of the Commission on oil and energy parliamentary, Kaveh Mohammad, the need for serious negotiations between the Ministry of Oil and foreign oil companies to modify some of the terms of contracts with these companies, because of existing contracts formula and what Iraq is going through does not fit with the current situation, and therefore the government is unable to pay dues oil companies.
Mohammed indicated that 'there is an intention of the government to extend the contracts with foreign oil companies, and this may give assurances to these companies in order to continue its work and to increase the production capacity of the fields commensurate with the plan set for them. "
For his part, reduced oil expert, Hamza Jeweler , threats of oil companies operating in Iraq to reduce its investments for its commitment to contracts signed with the government, stressing Iraq's ability to pay his dues as it is so far not been affected by the financial deficit in the budget year 2015.
He said 'that Iraq will pay the dues of the oil companies, amounting to about twenty billion dollars through allotted in the budget and bond issuance amount ', pointing out that Iraq continuously with his plan to increase oil production to more than three million barrels of oil a day this year.
Close policies
and warned economist nice Ugaili of continued weakness in oil production because of the status of foreign oil companies is stable, the oil crisis between Baghdad and Erbil, which has not been resolved once and for all, and the control of the organization Daash on a number of oil fields.
He acknowledged Ugaili collapse of a lot of Iraqi politics, including oil after the control of the organization Daash on areas where oil wells there, and the problems between the region and the center, noting that the right Foreign companies can claim the largest quotas in order to be balanced with the losses.
But he believes that foreign companies were not successful in the development of oil fields and merely the extraction of oil.
It is the most prominent foreign oil companies operating in Iraq fields - particularly South Mnha- Total, the French, British and Shell Dutch, British lobby me, and Exxon Mobil.
[You must be registered and logged in to see this link.]
