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The Oil Ministry is committed to pay all dues licensing companies late next June
Friday 8 May 2015
Basra
The Oil Ministry announced that it was paying all financial dues since late last year to foreign companies contracting with them within the licensing rounds by the end of next June, while the expected improvement in oil prices in global markets.
The agent said the oil ministry Zia al-Musawi in an interview with Alsumaria News , "The decline in oil prices in the global markets had a negative impact on the oil ministry's obligations towards contracting with companies, but that the ministry has made great efforts to solve this problem," noting that "the clearest example of the negative impact the drop in oil prices on the oil industry in Iraq is that the ministry decided to reduce the budget plan for the Rumaila field, whose development company ( BP ) from $ 3.5 billion to $ 2.5 billion, which will reflect negatively on the level of production. "
He Musawi, who was director general of the South Oil Company that "the government is fully committed to pay all dues of foreign oil companies operating in Iraq as part of the licensing rounds during the first half of this year," adding that "the Iraqi Oil Marketing Company (SOMO) will implement those commitments through this month, bringing the ministry, died about 60% of its promises to those companies, and by the end of next June the ministry may be paid all dues oil companies last year. "
Moussawi confirmed that "global oil prices but is still volatile but they indicate near an improvement, which will be reflected positively on the state budget for next year," adding that "The ministry hopes that prices are improving better over the next year."
It is noteworthy that Iraq Showing some oil fields during the first round and the second licensing for development by international companies to reach production ceiling at least six million barrels a day by 2017, and most of the fields covered by the licensing rounds within the administrative borders of the province of Basra , which is the oil industry center in Iraq The most important oil cities in the world.
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Friday 8 May 2015
Basra
The Oil Ministry announced that it was paying all financial dues since late last year to foreign companies contracting with them within the licensing rounds by the end of next June, while the expected improvement in oil prices in global markets.
The agent said the oil ministry Zia al-Musawi in an interview with Alsumaria News , "The decline in oil prices in the global markets had a negative impact on the oil ministry's obligations towards contracting with companies, but that the ministry has made great efforts to solve this problem," noting that "the clearest example of the negative impact the drop in oil prices on the oil industry in Iraq is that the ministry decided to reduce the budget plan for the Rumaila field, whose development company ( BP ) from $ 3.5 billion to $ 2.5 billion, which will reflect negatively on the level of production. "
He Musawi, who was director general of the South Oil Company that "the government is fully committed to pay all dues of foreign oil companies operating in Iraq as part of the licensing rounds during the first half of this year," adding that "the Iraqi Oil Marketing Company (SOMO) will implement those commitments through this month, bringing the ministry, died about 60% of its promises to those companies, and by the end of next June the ministry may be paid all dues oil companies last year. "
Moussawi confirmed that "global oil prices but is still volatile but they indicate near an improvement, which will be reflected positively on the state budget for next year," adding that "The ministry hopes that prices are improving better over the next year."
It is noteworthy that Iraq Showing some oil fields during the first round and the second licensing for development by international companies to reach production ceiling at least six million barrels a day by 2017, and most of the fields covered by the licensing rounds within the administrative borders of the province of Basra , which is the oil industry center in Iraq The most important oil cities in the world.
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