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Oil: clause ensures Review service contracts
11/9/15
The Oil Ministry announced, put the item guarantees the review of service contracts with foreign companies in the event of exceptional circumstances, noting that negotiations on the contracts take quite some time.
He said ministry spokesman Assem Jihad said in a statement, said that 'contracts with foreign oil companies, concluded for 20 years and billions of dollars, so the negotiations take quite some', noting that 'each field is different from the other and therefore needs an understanding to reach a final formula'.
He added that it 'has been put an item in the contract review ensures a review of contracts in the event of exceptional circumstances', pointing out that 'the drop in oil prices led to damage to all oil-producing countries and not Iraq'.
The oil minister Adel Abdul Mahdi warned in (29 October 2015) that Iraq will face a big dilemma if disrupted licensing contracts, and as he emphasized the need to make corrections in some licensing contracts, pointed out that the next amendments are not against licensing companies.
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