Oil: consultations amendment oil licensing contracts with foreign companies continuing
November 7, 2015
, It confirmed the Iraqi Oil Ministry, said Saturday that consultations to amend the contracts for the international oil companies operating in Iraq continuing and going quietly.
A spokesman for the Oil Ministry, Assem Jihad, said in a statement seen by the agency of our economy news that the ministry is continuing in consultation with the international oil companies operating in Iraq, to review the licenses obtained by the contracts, noting that it includes a review held every oil field on the unit to reach a new agreement about it achieves the benefit of both parties, according to the understanding between them.
Jihad said that one of the terms of the licensing contracts offers the possibility of revision in the light of the changes, noting that "dialogues with the oil companies are going about quiet until now.
He favored a spokesman for the Oil Ministry, include changes to the oil licensing contracts to reduce production costs and the proportion of profits, stressing that the ministry will announce the details of each contract after the completion of agreed upon with the company concerned.
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