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Minister of Oil Calls for Reduced Spending on the Oil Projects Development.

Mr. Abd Al-Mahdi said also that the ministry is studying the idea of reducing the financial expenses of the foreign companies whom are working as service contractors.

Minister of Oil Calls for Reduced Spending on the Oil Projects Development.

 

Mr. Adil Abd Al-Mahdi the minister of oil headed a meeting with the oil fields associated administration committees whom are working within the petroleum licensing rounds. 

   As well as the senior deputy minister, the inspector general, the directors general of the oil companies, the directors general of the ministry’s directorates and the heads of the joint administration committees of the oil fields.

   The minister confirmed during the meeting on the necessity of harnessing all the capabilities to achieve the aims that was planned to them in order to raise the national production average of crude oil which contributes in achieving the financial outcome to cover the shortage of the federal budget because of the oil prices drop. He also pointed out that the exportation average of January 2016 was 3.100 million barrels from the middle & southern fields.

   Mr. Abd Al-Mahdi said also that the ministry is studying the idea of reducing the financial expenses of the foreign companies whom are working as service contractors. He also pointed on the necessity of depending on a unified policy in the dealing with the global companies as well as providing a suitable investment environment in order to achieve the aims of the ministry.

  The minister & members of the meeting discussed also many cases such as the licensing rounds budgets for 2016 and the final development plans. They discussed also about the section 26 of the service contracts which is related with the hiring, training, new technology transfer and the projects infrastructure, as well as the allocations of the social services and infrastructure projects of the provinces that has oil fields. They confirmed also on the necessity of making real visions for these projects by the local governments.

   They discussed also about the mechanism of choosing the members of the associated administration committees, the professional standards, the authorizations and the role of the observers in these committees from the inspector general office representatives and the internal audit directorate. They also discussed about the agreements of the crude oil transportation, the measurement protocols, and the secondary contracts authentication and reviewing the application of extractive companies for the decisions of the joint management committees.

 

Source: www.oil.gov.iq

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