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BP: oil companies, Iraq handed over proposals to change the production contracts

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Rocky


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BP: oil companies, Iraq handed over proposals to change the production contracts




2015/11/10

Revealed that global oil company BP, working in the Rumaila field, on Tuesday, to provide international oil companies operating in Iraq proposals to the Iraqi side, to make amendments to their contracts productivity, indicating that the Iraqi Oil Ministry, demanded to reduce development projects expenses as a result of the deterioration of oil prices.
Regional president of British Petroleum for the Middle East Taunshend Michel said during a news conference that "the oil companies had submitted proposals to the Iraqi government on how to change Iraq's oil contracts of service contracts to other formula from the nearest production partnership agreements."
Taunshend He added that "the companies now receive wages as fees in the form of either cash or repayment Composting barrels of oil, according to meet them for the production ceilings painted," noting that "productive partnership agreements will allow the companies to get a share of the direct product of crude oil."
He Taunshend that "the production of the Rumaila field will range between 1.3 to 1.35 million barrels per day this year," pointing out that "next year, the production rate will depend on the rate approved by government spending, which has asked the international companies that contraction next year due to falling oil prices and the inability of the government budget. "
And between Taunshend "It's hard to see a surge in Iraqi crude oil production next year", adding that "negotiations are under way now about next year's budget for the project Rumaila oil field."
The Iraqi Oil Minister Adel Abdul-Mahdi has said, on 28 August last, of the city of Amarah that the government is seeking to reach an agreement with the oil companies to find out their budget plans for cutting back on spending power through 2016.

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