It describes the development of oil fields in central and southern mechanism

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It describes the development of oil fields in central and southern mechanism

Post  Admin on Sat Oct 29, 2016 9:44 am


Saturday October 292 016 - 15:44


The Ministry of Oil, Saturday, clarification on the development of oil fields within the plans designed to optimize the investment of oil and gas wealth in the central and southern Iraq, stressing at the same time encouraging local and foreign investment in order to enhance oil and gas industry in the country.

The ministry said in a statement received Marbad copy of "The ministry aims to sustain and enhance the stability of the national production of crude oil and an increase associated gas invest in oil operations," indicating that "despite the financial and economic challenges in the country, the ministry has resumed work through national effort It supports this effort with full force. "

She added, "it was assigned to the two companies Aloutnettin SOC and Missan Oil Co. to develop 10 oil fields in the provinces of Basra, Dhi Qar, Maysan," pointing out that "the ministry recently invited international companies to participate in the development and investment of 12 oil fields are described and classified as moderate and small they are distributed provinces of Basra fields 4, 5 and Maysan fields, and the Middle Euphrates three fields. "

Ministry said it "seeks, through its ambitious plans to fight a new experience with oil contracts are being agreed upon with interested investment and development in the oil fields of international companies after receiving offers of these companies and the nature of the contracts that you want by entering into or proposed by the ministry."

Stipulated in these contracts that they should be "the state does not cost any expenses or financial obligations which may pose a significant burden on the federal treasury of present and future", saying it "is committed to providing the necessary work of these companies facilities taking into account the achieved profitability commensurate with development plans in accordance with the contracts entered formula ".

The ministry said it "will announce the nature and wording of contracts with these companies after the completion of contractual procedures and obtaining the necessary approvals in accordance with the laws and regulations in force," pointing out that "in the event of failure to reach agreement with these international companies, national oil companies will be the task of development along development of oil fields previously mandated. "

She stressed the ministry, keen to "expand Activity national effort in accordance with the available resources in the development of oil and gas fields in the liquidation and extraction sectors and in the implementation of the upgrade of infrastructure projects, to give it a major role of the national effort and the participation in profitability and contribute to the development and creation of the quality of the boom."

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