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Collect 150 signatures in parliament to oblige the oil ministry to amend the licensing rounds

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Rocky


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Collect 150 signatures in parliament to oblige the oil ministry to amend the licensing rounds



November 22, 2015  0


Announced the Commission on oil and energy parliamentary by Ibrahim Mohammed Bahr al-Ulum for collecting the signatures of 150 deputies to add an article in the draft financial budget law for 2016, obliges the Ministry of Oil to amend the licensing rounds with foreign oil companies operating in Iraq.
According to Bahr al-Ulum he said in a statement seen by the agency of our economy news that "90% of oil imports in the subject fields for service contracts with foreign companies working in it, constitute entitlements burden on the state budget with lower oil prices that have not been modified and revised."
He added "we proposed adding a clause in the budget is needed and the Oil Ministry to speed up the move without hesitation and improve its terms with the companies," he said, adding he was "collecting 150 signatures to put this added in the budget as well as Asthsalh support from all parties to respond to this demand."
And between Bahr al-Ulum that "this additive comes after Article 29 of the budget and provides law [the federal government and the Oil Ministry in reviewing contracts committed in the oil licensing rounds, with the assistance of houses specialized consultancy and re-negotiate with the oil companies working to amend the terms of contracts in order to preserve the country's economic interests and pay increase production and reduce costs and find new cost recovery mechanism that fit with oil prices, and work to stop the wasteful burning of gas associated with oil. "

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