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The Ministry of Oil Signs 3 Initial Contracts Contract to Develop 3 Exploration Blocks.

The Ministry of Oil “by these Contracts” Will Invest the Oil & Gas Wealth in the Fields & Exploration Blocks Perfectly after the Long Decades of Neglecting

Mr. Jabbar Ali Al-Luiebi the minister of oil said that Iraq is starting a new stage to develop the borderline oil fields to raise the national oil & gas reserves.

   Mr. Al-Luiebi attended the ceremony of the signature with Al-Hilal Emirati Oil Company at Sunday the 3rd of June.

   Mr. Al-Luiebi said that the ministry of oil “by these contracts” will invest the oil & gas wealth in the fields & exploration blocks perfectly after the long decades of neglecting. He said also that the special thing in these contracts is that they are located on the border with the neighbor countries, and the ministry considers these contracts as a priority because they serve the Iraqi peoples interests. It is also worthy to say that these service contracts are different from the previous contracts because some of the chapters of them was modified, especially the chapters which are related with the profit, the cost reduction and the supreme interest of the country.

   Mr. Abd Al-Mahdi Al-Ameedi the director general of the petroleum contracts and licensing directorate said that the contract with Al-Hilal Oil Company includes the development of the exploration blocks which are (Klabat - Gumar) and (Khashm Al- Ahmar - Injana) in Diala governorate. In addition to (Khudr Al-Mai) in Basrah governorate. He said also that the contracts will be sent to the Cabinet to be ratified for the final form signature.

   Mr. Abd Allah Al-Kadhi the CEO of exploration and production in the company said that his company will develop the fields and the exploration blocks which was signed in the contract. He said also that the production from these fields will start after 3 years. And the new form of the contracts will be useful for the both parties. The company will also invest the flare gas and free gas “in addition to the production”.

Source: Ministry of Oil

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