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The Iraq Ministry of Oil News: The Minister of Oil Meets with the Manager of the Italian ENI Company

The two parties discussed during the meeting about the mutual cooperation and the development of the oil industry in Iraq

   Mr. Jabbar A. Allibi The minister of oil met in his office at Monday the 5th of September 2016 with the manager of the Italian ENI company Mr. Antonio Vila and his entourage.

   The two parties discussed during the meeting about the mutual cooperation and the development of the oil industry in Iraq.

   Mr. Allibi said that the ministry have a plan for the current year & the next year focuses on developing the oil production and invest the gas of the un-developed small oil fields in the south of Iraq via the service contracts according to the forms & programs which guarantees the Iraqi benefit. He also called the Italian company to enter this field of investment and the other projects through the sharing investment contracts which will start in 2017.

   Mr. Allibi said that the ministry of oil is working hard to remove all the obstacles which might hinder the oil companies whom are working in Iraq. At the same time it will open a new page of development for the oil sector and prepare the appropriate environment to ensure the progress of work to develop the oil sector which is considered as a significant one.

   Mr. Allibi stressed on the necessity of reviewing the signed contracts with the companies during the licensing rounds in order to be suitable with the oil prices drop from 110 $ in 2010 and 2011 to 20 $. And confirmed that the reason behind the review is to modify them not to cancel them in order to achieve the benefit of Iraq. He also listened to the hindrances which was facing the Italian company and promised to discuss them in order to proceed the work and develop it to serve the oil sector.

   Mr. Vila congratulated the minister of oil for the new office and wished him to succeed in managing the ministry and develop the oil sector.

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