Oil Ministry emphasizes legal review of contracts for licensing rounds

26/05/2012 01:10
BAGHDAD / news center for the Iraqi Media Network - The Oil Ministry announced that it has the legal right to review the contracts of licensing rounds in the event of a company lagged in implementing the terms of the contract with the Oil Ministry.

The general director of the ministry's legal Leith Shahir's (News Center for the Iraqi Media Network) "The Ministry of Oil has the legal right to review the licensing rounds in the event of a company lagged in the implementation of the contract with the ministry."

He explained that "the ministry has the right to impose penalties up to the dissolution of the contract with the company in case I discovered a weakness in the implementation of the plan."

The initial contracts offered Balriqa 12 sites for exploratory oil and a gas in Iraq, with 39 foreign companies will participate in the licensing round.

Iraq produces 2.6 million barrels of oil per day emits more than two million, but these rates are still lower than those during the period of the previous regime. Oil accounts for 94% of the proceeds of Iraq, which has the third largest in the world is estimated at 115 billion barrels after Saudi Arabia and Iran. And Iraq has begun to increase its oil production by oil contracts concluded with international companies in the oil through the oil licensing rounds fired. And counts the Iraqi government to increase its production of oil equivalent as issued by the Arab states like Saudi Arabia, estimated at 12 million barrels per day to meet the requirements of urban and economic renaissance in the country.


http://translate.google.com/translate?u=http%3A%2F%2Fwww.imn.iq%2Fnews%2Fview.9508%2F&hl=en&langpair=auto